Bitcoin Nears $118K as Shutdown Fears Fade, Top Coins Rally

Bitcoin surged to a six-week high on Wednesday, nearing $118,000, as weaker-than-expected US jobs data boosted optimism for interest rate cuts. Despite ongoing concerns about a US government shutdown, analysts say dips remain “buy opportunities,” with markets treating the shutdown as a non-event.

According to data, BTC peaked at $117,713, just shy of surpassing its September high. Analysts believe a breakout above this range could pave the way for fresh highs not seen since mid-August.

Traders highlighted $112,000 as short-term support, while others see clearing September’s resistance as a signal for further bullish momentum. The US labor market’s softness with private-sector jobs turning negative  raised expectations of a 0.25% Federal Reserve rate cut this month, fueling demand for crypto and risk assets.

Meanwhile, broader markets also shrugged off shutdown concerns. Both the S&P 500 and Nasdaq Composite opened higher, while gold consolidated after its recent record levels. Analysts at QCP Capital noted that past shutdowns, like in 2018, saw equities rally, calling the current scenario a “non-event” for markets.

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Bitcoin’s rally toward $118K reflects optimism over Fed policy and resilience against political turbulence. Analysts remain bullish, pointing to shutdown-related dips as prime buying opportunities.

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