Bitcoin, altcoins XRP and ETH, together with precious metals, have all witnessed gains to welcome the first day in the much-anticipated “Uptober.”
Bitcoin surged past $117,000 on Wednesday, cementing a broad market rebound as US political gridlock and surging gold prices changed investor sentiment. The top cryptocurrency by market cap gained more than 3.7% in the past 24 hours, briefly touching $117,356 before easing slightly.
Second in rank, Ethereum also rallied to break through the critical $4,000 resistance level, trading at $4,319 at press time. The crypto rose nearly 3.3% in 24 hours, supported by trading volumes that exceeded $42 billion.
Bitcoin picks up on Uptober rally, walks away from September lows
After weeks of turbulence in the crypto market that pushed Bitcoin’s dip to multi-week lows, the king of crypto is back above $115,000 again. On September 26, the coin fell to under $109,000 from levels above $114,000, as sellers dominated the market.
After stabilizing below $110,000 over the weekend, bulls regained control on Monday. At the start of this business week, Bitcoin had climbed to $112,500 and then stagnated due to some bearish resistance. However, the bulls were strong enough to push the coin higher to nearly $115,000 later in the day.
Though it was briefly forced back under $113,000 on Tuesday, momentum returned following the announcement of a US government shutdown, propelling the asset past the $117,000 barrier for the first time since September 19.
Traders will be watching closely to see if Bitcoin holds above the resistance levels that were pivotal during September’s correction. Market watchers believe that an impending US government shutdown could help crypto markets recover from previous losses.
Ethereum climbs past $4,300 amid trading volume uptrend
According to market analyst Unichartz, Ethereum has flipped a former resistance zone of $4,300 into support, attracting strong buyer interest.
“ETH is showing a strong reaction from the key zone that previously acted as resistance,” the analyst said. “As long as ETH holds above this zone, the structure favors continuation to the upside.”
Ripple’s XRP token also joined the Uptober rally, climbing around 3% in the past day to trade at $2.92. According to Dark Defender, a well-known chartist on social platform X, the token has completed its fourth Elliott Wave and is moving into the fifth.
The setup indicates potential upside targets of $3.33 and $3.66, with support levels between $2.70 and $2.64, providing zones for traders to watch short-term momentum. The current price movement suggests XRP is consolidating before making its next directional move.
Gold nears $3,900 in the face of US government shutdown
Gold commenced October with a 3.75% uptick over the past week, and was last trading around $3,890 per ounce. The surge coincided with the US government’s first shutdown in nearly seven years after lawmakers failed to agree on funding.
Cryptopolitan had reported earlier on Wednesday that the disruption could delay economic reports like monthly jobs data, which would leave the Federal Reserve with less clarity ahead of its next policy meeting, scheduled for October 28.
“Gold’s status as a safe haven is well publicized, but the inexorable rise in the gold price over the last few years has been truly astounding,” surmised Michael Field, chief equity strategist at Morningstar.
He added that while the shutdown was the immediate trigger, political conflicts in France and newly announced US tariffs have pushed investors towards safe-haven assets.
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Source: https://www.cryptopolitan.com/xrp-bitcoin-eth-gold-kickstart-uptober-with-massive-gains/
