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Bitcoin hits seven weeks high as crypto markets rush in October

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Crypto markets appeared the previous day, ending at a seven -week high for Bitcoin as the historic month of October begins.

Bitcoin (Btc) Prices have been skyroketed 4% in the past 24 hours, with the world’s leading digital asset hitting $ 119,450 on Coinbase in early trade on Thursday, According to In tradingview.

This is the highest price that bitcoin has reached since August 14, seven weeks ago, when it began to be corrected from all times.

Bitcoin has now cleared the resistance to $ 117,500, but faced a bit at a level of $ 120,000. A rest above this level will cleanse the way for new peak prices, but its slightly cooled, retreating to $ 118,947 at the time of writing.

The big step has pulled the total market capitalization up to 3.5% to $ 4.16 trillion and that -updated emotion and optimism for a month of ‘month of’UPTOBER. ‘Moving also pushed Bitcoin’s market cap $ 2.37 trillion above Amazon, According to In CompanymarketCap.

October is the Bitcoin’s most Bullish Month of the year, in history, with those who have acquired ten of the past twelve octobers, According to In coinglass.

*BTC taps a seven-week high on Coinbase. Source:* *Tradingview*

Weakness in the labor market leads to rate cuts

Opening work in the US increased marginally in August as the lease refused, according to data released this week by the Bureau of Labor Statistics.

It continues Woes in the labor marketthat can promompt a federal reserve to Cut interest rates Again later this month, a bullish development for high-risk asset classes, such as crypto.

“I think in front and center, it will do a vulnerable working report on the ADP, which follows a softer printing of consumer confidence earlier this week, where differences in the labor market have refused,” IG market analyst Tony Sycamore said at the cointelegraph.

He added that it suggests that unemployment is likely to rise from 4.3% to 4.4% in September, “guaranteeing more reduction in Fed rates.”

“As traditional economic indicators weakened, the Bitcoin rally of the past $ 118,000 shows increasing sensitivity to financial policy views and its appeal as a fence against economic uncertainty,” said Nick Ruck, director of LVRG Research.

CME FUTURS Prediction Market now Show A 99% probability of a 0.25% rate cut to the next Fed meeting on October 29, from a 96.2% probability on Monday.

Altcoins are also on fire

Bitcoin is leading the market higher, but ether (Eth) will also produce more than 5% during the day, pushing Prices Up to $ 4,390, the highest level from September 22th.

The other Altcoins seeing higher gains so far are with Solana (Sol), Dogecoin (Doge), Cardano (Ada), Chainlink (Link), and hyperliquid (hype), everyone gets more than 6% during the day.