Bitcoin Breaks $120k. What Does It Mean for October?

Bitcoin is trading at $120,086, following a slight pullback after peaking at a higher level. It may continue upward as there are no strong signs of increasing selling pressure.

Nonetheless, the apex coin broke above $120k a few minutes ago, crushing the resistance for the first time since August. Its return to this level earned applause from several proponents who maintained that a new all-time high could be in sight.

Thursday marks the second consecutive day of significant increases following a bearish close the previous month. Fundamentals played a massive role in the recent uptrend.

On Wednesday, US authorities released ADP data, which came in lower than expected. The prediction was 52k, but it came in at 32k. As with many such economic releases, investors are more interested in further rate cuts. As a result, it did not matter that the figure came in higher than the previous month.

The reaction to the ADP for September was astronomical as the apex coin registered its biggest surge since July. It surged from $114,079 and broke the $118k sell wall, closing the session with gains exceeding 4%. 

Bitcoin continued its uptrend, reaching a recent milestone. However, on the one-month scale, the apex coin rose by almost 5%, marking a strong start for October. Questions about how it will affect its overall performance over the next 28 days hang in the air.

Option Data Predicts Surge to $130k

Recent data from Glassnode highlighted several levels that have garnered significant attention. For example, there was a massive flow of Bitcoin options between $100k and $120k. The placement coincides with the recent return to the key level, which occurred a few minutes ago. 

Nonetheless, it goes without saying that while call premiums increase, put premiums are also present. It means that while investors express convictions about further price increases, they remain cautious of further downside.

It is also worth noting that another key level is garnering attention, $130k. The report noted light call interest at this mark, suggesting a possible surge to the mark.

Bitcoin Gears for New ATH

The 1-day chart suggests that the apex coin is gearing up for further increases after flipping $120k. Previous price movements revealed that after breaking above the highlighted mark, a further push to key levels is almost inevitable.

For example, Bitcoin peaked at $123,236 on Jul 14 after flipping the barrier. Almost a month later, it peaked at $122,312 after a similar event and registered a new all-time high a few days after. Taking into account the precedent, BTC may be gearing up for an attempt at the ATH. 

The most recent hike is unsurprising, as the previous outlook noted that MACD was positive and predicted a retest of $118k. While discussing the potential for the apex coin to reach a high value, it indicated that a surge to $150k is realistic.

As of the time of writing, several indicators on the 1-day chart remain positive. The relative strength is at 65, showing room for further increases. However, the bollinger bands show reason for caution; Bitcoin recently broke above the upper band, indicating an impending end to the uptrend.

Additionally, the moving average convergence divergence prints buy signals as the 12 EMA surges higher. 

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