Bitcoin climbed to a seven-week high near $120,000 on Friday, supported by seasonal “Uptober” optimism and expectations of fresh liquidity from a U.S. government shutdown. The rally put the token on track for sharp weekly gains.
The world’s largest cryptocurrency traded 1.2% higher at $120,052 by 02:20 ET (06:20 GMT), its highest since mid-August. On Thursday, Bitcoin briefly broke above $121,000.
Bitcoin has recovered almost 10% this week after heavy liquidations in late September triggered a sharp sell-off. More than $20 billion in leveraged crypto positions were wiped out last week before large buyers returned to the market.
Uptober rally and shutdown liquidity boost
October has historically been one of Bitcoin’s strongest months, often referred to as “Uptober.” This seasonal trend is being reinforced by consistent inflows into U.S. spot bitcoin ETFs and speculation that macro conditions may soon ease.
The looming U.S. government shutdown is also seen as a short-term catalyst. Analysts say delayed economic data releases and limited Treasury operations could redirect liquidity toward alternative assets, including cryptocurrencies. Still, a prolonged shutdown could cloud the Federal Reserve’s policy outlook by removing key indicators and fueling volatility.
CME to launch 24/7 crypto trading
CME Group Inc (NASDAQ:CME) announced it plans to launch 24/7 trading for cryptocurrency futures and options in early 2026, subject to regulatory approval.
Trading will run continuously on CME Globex with only a short weekly maintenance break. The exchange highlighted record activity this year, with notional open interest hitting $39 billion in September and a 230% year-on-year increase in average daily volume in August.
Altcoins remain mixed
Altcoins posted modest gains on Friday but remained rangebound under macroeconomic uncertainty.
- Ethereum rose 1.8% to $4,482.92.
- XRP gained 1.6% to $3.02.
- Solana climbed 3%, while Cardano traded flat.
- Polygon dipped 0.5%.
- Meme tokens Dogecoin and $TRUMP were little changed.
