Why Is Crypto Market Going Up At this time?

Bitcoin posted a sharp breakout this week, moving from $114,000 to over $118,700. At press time, the asset is holding steady just under the $119,000 mark. The move followed a period of oversold conditions on the daily chart, with RSI and sentiment indicators both flashing fear before reversing higher.

Global liquidity continues to support risk assets. Gold reached record highs earlier this year, a pattern that has often preceded Bitcoin rallies. On-chain data shows large holders adding to positions, while stablecoin reserves are starting to flow back into the market. 

Technical Picture Strengthens

The daily and weekly charts both show improving momentum. The weekly MACD shows that the bearish pressure is fading as red candles lose strength. On higher timeframes, including the monthly chart, Bitcoin remains well below overheated RSI levels seen at previous cycle peaks. Analysts note that the breakout above $118,000 clears the way for a test of $120,000, with the next major resistance zone between $132,000 and $135,000.

Altcoins Follow Bitcoin Higher

The broader crypto market cap has climbed back above $4 trillion, lifted by strong altcoin performance. Ethereum is trading above $4,300, while XRP has rebounded to $2.96. Binance Coin has crossed $1,000, adding to its recent strength. 

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Solana is back over $221, and Cardano continues to recover after its late-summer weakness. Historically, Bitcoin strength has preceded capital rotation into altcoins, a trend traders expect to continue as Q4 progresses.

With altcoins outperforming and Bitcoin securing a higher base, analysts predict that the current rally could extend into October. However, they also warn of short-term retests as the market absorbs recent gains.

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