The post Bitcoin Price Follows Gold in Bullish Outlook; Retests Key Supply Wall of $117.5k appeared first on Coinpedia Fintech News
Bitcoin (BTC) price started the fourth quarter of 2025 in a bullish outlook as expected. The flagship coin surged over 3% on the first day of October to reach a range high of slightly above $118k before retracing to trade about $117,461 at press time.
The wider altcoin market, led by Ethereum (ETH), and Solana (SOL), followed in tandem. As such, the total crypto market cap gained 4% to hover about $4.1 trillion. Consequently, nearly $588 million was rekt from the leveraged crypto market, with the majority involving short traders.
Top Reasons Why Bitcoin Price Gained Today
‘Uptober’ Bullish Sentiment
Historically, the Bitcoin price has recorded positive returns during the fourth quarter. Precisely, market data analysis from CoinGlass shows that the BTC price has ended in red only in four quarters since 2013.
Meanwhile, BTC price has ended only two Octobers since 2013 with negative returns.
Gold Rush: High Institutional Demand
Since mid-August, the Gold price has ended every week at a new all-time high. With Bitcoin regarded as digital gold, more institutional investors have been using it to hedge against inflation.
For instance, Metaplanet announced the acquisition of 5,268 BTC on Monday, valued at over $615 million, thus increasing its holdings to 30,823 BTCs.
Macroeconomic Tailwinds
Bitcoin price rallied during the past 24 hours partially fueled by the shutdown of the United States government. Investors have gained more confidence in Bitcoin over fiat currencies amid poor monetary policies: endless printing of money.
Will BTC Price Hit New ATH in October?
Following today’s BTC price pump, the flagship coin retested a crucial supply wall, which was established from mid-July to date. In the daily timeframe, BTC price rallied above the 100 Moving Average Simple (SMA), signaling the onset of a bullish outlook.
The bullish outlook may have been confirmed after BTC price rallied above a falling logarithmic resistance trendline formed since mid-August.
