Bitcoin (BTC) price climbed 4% during Wednesday's trading session, reaching $118,650 before extending gains today (Thursday, 2 October 2025) to approach $120,000 on some exchanges. The rally marks the strongest single-day performance since June, with the cryptocurrency briefly touching session highs of $119,500 before settling near $118,500.

The surge comes as the U.S. government entered a shutdown, creating uncertainty in traditional markets and prompting investors to seek alternative assets. Bitcoin ETFs recorded substantial inflows of $429.96 million, led by BlackRock and Fidelity, as shutdown fears triggered flight to digital assets.

I invite you to a technical analysis of the BTC/USDT, ETH/USDT, XRP/USDT, and DOGE/USDT charts, supported by my many years of experience as an analyst and, above all, as an active investor. Together, we will answer the questions of why crypto is going up today and how high the market can go.

Bitcoin Price Today Tests $120K

From my technical perspective, Bitcoin has cleared a crucial local resistance level around $117,000, coinciding with September highs. This breakthrough opens the path toward retesting July's all-time highs, which served as significant resistance during the summer months.

The immediate targets now stand at $120,000, followed by $125,000 – the previous all-time high established in August. Should momentum continue favoring digital assets, the final quarter of 2025 could witness price discovery above historical peaks.

"With BTC trading back at levels last seen in mid-July, the total market cap is once again above $4 trillion," Paul Howard, Director at Wincent commented exclusively for FinanceMagnates.com. "We have seen a slow grind higher breaking above $115,000, indicating we are now more likely to stay above this level, with a CME gap to lock in the floor at $110,000."

However, a bearish reversal would require a decline below $100,000, which would transform recent highs into support. Such a move would align with June lows and the 50% Fibonacci retracement level. Bears would also need to overcome the 200-day exponential moving average, which has provided continuous support for nearly six months.

XRP Price Rallies Alongside Bitcoin

XRP followed Bitcoin's trajectory, gaining 3.6% Wednesday and adding another 1% Thursday to test $2.99. The token now faces a formidable resistance zone reinforced by the psychologically significant $3.00 level and the 38.2% Fibonacci retracement.

This resistance area is further strengthened by a descending trendline drawn from July peaks, which has been tested twice in September, each time triggering sharper corrections toward the formation's lower boundary near $2.73 – marked by August and September lows.

According to my XRP price prediction, a successful breakout above this resistance confluence could propel XRP toward $3.12, followed by $3.33 if August highs are surpassed, and ultimately to $3.55-$3.66 where summer peaks create final resistance.

Conversely, a bearish scenario would materialize with a drop below $2.60, where support converges at the 61.8% Fibonacci retracement, horizontal levels from May highs, and the 200-day moving average.

Related: Why XRP Is Going Up? XRP Price Predictions for October 2025 Suggest Surge Potential

Ethereum Follows And Extends Gains

Ethereum (ETH) price outpaced Bitcoin on Wednesday with a nearly 5% advance, adding another 1% Thursday to reach session highs of $4,423. At press time, ETH changed hands at $4,388, marking its highest level in approximately two weeks.

The technical picture remains largely unchanged since August, with the second-largest cryptocurrency consolidating between the round-number support at $4,000 and resistance near $4,800. Wednesday's breakout allowed Ethereum to overcome both the 50-day exponential moving average and the 23.6% Fibonacci retracement, clearing several local resistance levels.

This development reopens the path toward testing September highs around $4,800. Primary support sits at $4,400, with stronger backing at August lows near $3,400, which coincides with the 200-day exponential moving average.

"Crypto markets have entered autumn 2025 with renewed conviction. After a turbulent start to the year – shaped by geopolitics, trade wars, and shifting macro narratives – digital assets are showing signs of durable momentum,” Dovile Silenskyte, Director of Digital Assets Research at WisdomTree, noted broader market strength.

Dogecoin Leads Altcoin Rally

Dogecoin (DOGE) emerged as the standout performer among major cryptocurrencies, surging 7% Wednesday and 3% Thursday for combined gains exceeding 10%. The meme coin reclaimed the local support zone established by August peaks, currently trading near $0.26.

With this recovery, Dogecoin has cleared a path toward testing July highs in the $0.27-$0.29 range, which aligns with September peaks where the token briefly approached $0.31. Primary support extends across a two-cent band between $0.22 and $0.20, encompassing the 200-day EMA and local lows from the August-September transition.

While a breakdown below this level appears unlikely in the near term, such a move would expose August lows around $0.19.

Market Drivers and Crypto Price Outlook

The rally reflects multiple catalysts, including potential Federal Reserve rate cuts prompted by the shutdown's impact on economic growth, alongside dollar weakness as investors rotate toward safe-haven assets. I asked experts for their opinion on this topic.

"Lately, we have seen crypto increasingly correlated to macro. I believe we are now set to see a sustained rally above $120,000 in the coming weeks. This will be driven by DAT companies, ETFs, the macro picture of lower rates and looser regs,” Howard added, emphasizing macro factors supporting continued strength.

Joel Kruger, LMAX strategist, provided additional context for the current rally: "Bitcoin spent September consolidating beneath its summer peak, with price action choppy but ultimately resilient. It did not break to fresh highs, but repeated defenses of support underlined strong underlying demand, aided by ongoing ETF inflows and institutional allocations."

Looking ahead, Kruger highlighted favorable seasonal patterns: "The setup for October and Q4 is historically favorable. Bitcoin has delivered positive October returns in 10 of the past 12 years, and Q4 remains by far the strongest seasonal stretch for the asset class."

You may also like my previous crypto analyses:

• Why Bitcoin Price Is Surging Today? BTC “Uptober” Rally Begins with Government Shutdown
• Why Crypto Is Going Up? XRP, Bitcoin, Ethereum and Dogecoin Prices Lead Surge Today
• Michael Saylor’s Bitcoin Price Prediction Suggests BTC Will “Move Up” to a New All-Time High by End of 2025

FAQ

Why is crypto rising now?

Cryptocurrency markets are experiencing a rally driven by multiple factors. Bitcoin ETFs recorded over $430 million in inflows as the U.S. government shutdown prompted investors to seek alternative assets. The dollar's weakness, potential Federal Reserve rate cuts, and historically favorable October seasonality are contributing to the surge. Additionally, strong institutional demand and technical breakouts above key resistance levels have fueled momentum across major digital assets.

Can crypto go 1000x?

While some cryptocurrencies have achieved 1000x returns historically during early stages or market cycles, such extreme gains are increasingly unlikely for established assets like Bitcoin and Ethereum given their current market capitalizations exceeding hundreds of billions of dollars. A 1000x return on Bitcoin from current levels would require a market cap in the hundreds of trillions, far exceeding global GDP. Smaller, emerging cryptocurrencies carry higher risk-reward profiles but also substantially greater risk of total loss.

Can you make $100 a day with crypto?

Generating consistent daily profits from cryptocurrency trading depends on multiple factors including capital size, market volatility, trading strategy, and risk management. While theoretically possible, cryptocurrency markets are highly volatile and unpredictable. Professional traders use sophisticated strategies, but even they face losses. Daily trading requires significant expertise, time commitment, and acceptance of substantial risk. Most investors adopt longer-term strategies rather than attempting to generate specific daily returns.

What crypto is going up today?

Bitcoin led Thursday's rally, trading near $118,500 after approaching $120,000 on some exchanges. Dogecoin emerged as the strongest performer with combined two-day gains exceeding 10%, currently trading around $0.26. Ethereum added approximately 6% over the same period, reaching $4,388. XRP gained roughly 4.6% across Wednesday and Thursday, testing the $0.99 level. The broader cryptocurrency market capitalization reclaimed $4 trillion as most major digital assets posted gains.