TL;DR
- Bitcoin surged past $112,000 over the past 24 hours, signaling renewed bullish momentum in the crypto market.
- Altcoins followed suit, with Ethereum, Hyperliquid, and Binance Coin showing notable gains.
- Traders are watching the upcoming U.S. economic data and Federal Reserve signals closely, as these events could influence Bitcoin’s trajectory and test resistance levels around $113,500 to $115,000.
Bitcoin started the day at $109,500, briefly dipping below $109,000 before reversing sharply to $112,110. The rebound erased over $350 million in short positions, reflecting strong bullish sentiment and increased trading volumes across major exchanges. Ethereum also rose by 2.72% to $4,102, while Solana gained 3.56% to $207. Traders highlight that short-term holders sold near $109,800 losses, whereas long-term holders remained steady, suggesting consolidation before potential further gains.
The total crypto market capitalization reached approximately $3.96 trillion, just shy of $4 trillion. Analysts note that upcoming U.S. jobs reports and Federal Reserve statements will be pivotal in determining whether BTC can sustain its momentum or face a short-term correction toward $108,000. The recent CME futures gap may act as a magnet, pulling prices lower if bullish momentum weakens. Market participants are also observing unusual options activity that could influence near-term volatility.
Altcoins Rally As HYPE Leads The Charge
Among altcoins, Hyperliquid (HYPE) jumped 5.85% to $46.16, outperforming other top 10 cryptocurrencies. Ripple’s XRP rose 2.78% to $2.85, and Binance Coin climbed 3.26% to $1,004.68. Cardano (+3.35%) and Solana (+3.56%) also posted solid gains, reinforcing investor confidence in the broader market. Only TRON showed minor losses over the past 24 hours, falling 0.83%.
Market watchers are optimistic that October could continue BTC’s upward trajectory, noting historical trends of strong crypto performance during this month. Meanwhile, gold’s climb to $3,800 per ounce may provide additional bullish support, as investors seek assets that hedge against potential economic uncertainty. President Trump’s pressure on Fed Chair Jerome Powell adds a layer of volatility, making traders vigilant as September closes and Q3 performance is assessed.
With BTC maintaining a market dominance of around 56.4%, the next resistance zone between $113,500 and $115,000 will be a critical test. A breakout above this level could signal further gains, while failure may result in a short-term pullback. For now, bullish sentiment dominates as the crypto market enjoys a green wave and trading activity remains unusually high across both spot and derivatives markets.
