Bitcoin Eyes $118K Amid Weak US Jobs Data

Key Highlights:

Bitcoin Price Surge: BTC reached ~$118,318, its highest in six weeks, pushing against resistance from mid-August.

US Government Shutdown: Markets largely shrugged off the shutdown, with analysts calling it a “non-event” for risk assets.

Labor Market Weakness: Recent soft US jobs data weakened the dollar and Treasury yields, fueling appetite for crypto and other risk-on assets.

Bullish Sentiment: Analysts say dips are buying opportunities, with traders watching closely for a confirmed monthly breakout.

🧠 Analysis & Market Sentiment:

Analyst Rekt Capital noted BTC is attempting a monthly range breakout — and it’s only the start of October.

Bitcoin’s price is now within $150 of its September high. A breakout would mark its best levels since Aug. 17.

📊 Why It Matters:

The market is interpreting poor jobs data as a sign the Fed may slow rate hikes, which typically supports risk assets like BTC.

Despite macro concerns like a government shutdown, crypto is behaving resiliently, showing renewed bullish momentum.#SECTokenizedStocksPlan #BTC $BTC $SOL