Bitcoin Blasts Past $116K, Igniting “Uptober” Rally Across Crypto Markets

Bitcoin surged past $116,000 today, fueling a broader market rally as October dawns — a month historically kind to crypto.

In a powerful start to October — often dubbed “Uptober” in the crypto world — Bitcoin (BTC) rocketed past $116,000, rousing optimism across digital assets. According to Decrypt, this move pushed total crypto market capitalization over the $4 trillion mark. 

The upward momentum was underpinned by fresh ETF inflows coupled with renewed macro optimism and seasonal tailwinds. Analysts point to historically bullish Q4 trends as additional support. 

From a technical perspective, Bitcoin has been consolidating above a multi-month range between ~$107,000 and $116,000. The breakout now brings the $118K–$119K zone into focus as the next major resistance hurdle, while primary support remains between $107K and $108K. 

Traders also note that short liquidations have accelerated. In the London session, about $60 million in shorts were squeezed out, signaling how the rally is forcing bearish positions to capitulate. 

While the sentiment is bullish, risks remain. Overbought conditions, macro uncertainty, and possible pullbacks could test strength. Nevertheless, today’s breakout suggests that Uptober may live up to its hype.

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