TL;DR
- Bitcoin surged to nearly $124,000 before pulling back to $121,600, marking a 1.1% rise in 24 hours after having touched $109,000 less than a week ago.
- The rally reflects capital moving into alternative assets amid uncertainty caused by the partial U.S. government shutdown.
- Technically, BTC is entering overbought territory with an RSI near 70; if institutional flows continue and macro uncertainty persists, it could test $130,000.
Bitcoin approached $124,000 before retreating to its current level around $121,600, rising 1.1% in the last 24 hours. This climb comes after it fell to just above $109,000 less than a week ago.
The rebound is driven by capital shifting toward alternative assets in response to uncertainty caused by the U.S. partial government shutdown, which delayed key economic data releases, leaving investors with limited insight into the true health of the economy.
Bitcoin Enters Overbought Zone
The current market behavior is repeating patterns seen in previous shutdowns, where money flowed into traditional safe havens like gold and increasingly into Bitcoin. Technically, BTC is moving into overbought territory, with an RSI near 70, suggesting it could approach $125,000 if the rally continues, though the speed of the surge also increases the risk of sharp pullbacks.
Analysts note that if institutional flows maintain their current pace and macroeconomic uncertainty persists, Bitcoin could test the $130,000 resistance in the coming weeks.
Conversely, a slowdown in the rally or resolution of the government shutdown could push BTC back toward support levels around $115,000. When Bitcoin touched $109,000, the market’s resilience was confirmed, keeping investors optimistic about gains that could extend into 2026.
Performance of the Rest of the Crypto Market
Among other major cryptocurrencies, Ethereum (ETH) is trading at exactly $4,500 with no daily change, though it reflects a 10% gain over the week. XRP (XRP) fell slightly by 0.1%, struggling to stay above $3.
In contrast, BNB (BNB) rose 8% during the session, reaching $1,150 per token. Solana (SOL) trades around $263, up 0.6%, while Dogecoin (DOGE) nears $0.26 with the same 0.6% gain as SOL. Finally, TRON (TRX) and Cardano (ADA) show no significant gains, trading at $0.3539 and $0.87 respectively
