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Uptober is here! Bitcoin climbs while altcoins bleed

Bitcoin kicked off October strong, giving investors renewed confidence.

By Mike Hesp
• 3 min read
Uptober is here! Bitcoin climbs while altcoins bleed

Bitcoin has kicked off October solidly with a recovery giving investors new confidence. Traditionally, October in the crypto world is known as 'Uptober', because of the historically strong performance of the largest digital asset. Still, other cryptos haven’t been able to gain the same momentum. Many investors are hoping for a magical comeback.

Bitcoin fights back above $114,000

The Bitcoin price has seen big swings in the last 24 hours. Yesterday BTC dipped below $113,000 several times, with a low around $112,800. Soon after, however, a strong recovery: in a straight line the coin rose to $114,750, up 1.7%.

During the night it even briefly reached a peak of $114,850. At the time of writing, Bitcoin is trading at $114,470.27 (€97,379.24) on the international crypto exchange Finst.

Analysts say the $115,000 level is crucial for short-term sentiment. The next major resistance sits around $118,000, the point where Bitcoin stalled two weeks ago.

Altcoins in the red

While Bitcoin has momentum, most other cryptos are lagging. Among the top 10, only Dogecoin is green, with a small gain of 0.42%. Ethereum fell 0.82%, XRP 1.60%, BNB 1.04%, and Solana 0.54%.

This skewed split pushes Bitcoin dominance back toward its highest level since late August. BTC’s market share grows at the expense of altcoins.

Extra uncertainty from a US government shutdown

Investors are also facing a new risk: the US government has been largely shut down since midnight because Congress couldn’t reach a budget deal. Several non-essential services are paused.

According to analysts, this doesn’t necessarily spell bad news for the market. “Historically, price declines during a government shutdown are often bought,” they write.

Conclusion

Bitcoin again proves its strength at the start of 'Uptober', while altcoins struggle to keep up. With key resistance levels in sight and geopolitical uncertainty in the background, sentiment remains tight. Traders are watching the next move toward $118,000 with bated breath.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.