Bitcoin Rises to $120K on Seasonal Optimism
Bitcoin is climbing again and is now near $120,000, its highest level in seven weeks. This is mostly because investors are feeling positive about the market and October is usually a strong month for Bitcoin.
The U.S. government shutdown is also affecting the market. With delays in economic reports, some investors are turning to Bitcoin as an alternative, which is pushing the price up.
Interest from Bitcoin ETFs in the U.S. is helping too. More money is flowing into these funds, showing that big investors are buying Bitcoin.
Even with these gains, Bitcoin is still below its all-time high of around $123,000. Traders are watching the market closely to see if the rally can continue or if prices might drop again.
Impact:
Bitcoin could keep rising if the U.S. shutdown continues and investors look for alternatives. But uncertainty and market changes might possibly cause prices to fall.