After trading relatively flat earlier in the day, Bitcoin bulls reclaimed the $112,000 level, sparking renewed optimism as momentum cautiously returned following last week’s downturn and encouraging developments out of the US. By the end of Asian trading hours, the total crypto market cap had climbed back above the $4 trillion mark, posting a 3.2% gain over the past 24 hours. This uptick in market sentiment was mirrored in the Crypto Fear & Greed Index, which shifted from “fear” to a more neutral stance. Growing institutional activity and positive regulatory signals also helped lift overall confidence. Still, this doesn’t signal a full comeback for the bulls just yet, as traders remain on edge ahead of key macroeconomic data set to be released in the US later this week, and a looming CME gap. Altcoin activity stayed subdued for much of the day, but by the Asian market close, many of the top 100 cryptocurrencies had edged back into the green, with the day’s top performers logging double-digit gains. Why is Bitcoin price going up? Bitcoin rallied to an intraday high of $114,200 today after rebounding from multi-week lows near $109,815, as markets began to price in a more optimistic outlook heading into October. The timing isn’t lost on traders. With October just two days away, the familiar “Uptober” narrative is back in focus, bolstered by Bitcoin’s historical tendency to post double-digit gains during the month. This seasonal tailwind, combined with a rebound in broader risk sentiment, has sparked renewed buying interest, with many traders stepping in to buy the dip following last week’s downturn. Part of the momentum can also be traced to developments in the US, where President Trump is reportedly preparing to meet congressional leaders in a last-minute effort to prevent a government shutdown. Although a shutdown still appears likely, the meeting scheduled for later today has injected cautious optimism into markets. Traders are watching closely, knowing that a prolonged halt in federal funding could delay key economic data releases, including the closely watched jobs report. That report is likely to influence the Federal Reserve’s next interest rate decision, which remains one of the most significant macro drivers for Bitcoin. The Fed narrative has also shifted in a more supportive direction. Following last week’s economic data, markets are now pricing in the possibility of two quarter-point rate cuts in the next two policy meetings. Should this expectation firm up, it could spark a broader risk-on rally across equities and crypto, as lower interest rates typically weaken the dollar and push investors toward alternative assets like Bitcoin. Beyond macro events, crypto-specific catalysts are also helping drive Bitcoin’s rally. Optimism is building around the possibility of altcoin-based ETFs, with the SEC reviewing applications tied to Solana, XRP, and Litecoin. Fresh amendment filings have surfaced, and recent changes in the SEC’s listing standards for spot crypto ETFs have removed procedural delay notices. This has fueled speculation that some of these products could see approval in the coming weeks, an outcome that would likely boost institutional flows into the market. ETF developments have long been a key narrative in crypto cycles, acting as a gateway for traditional investors to gain exposure to digital assets. Even the hint of progress often strengthens sentiment, and this round appears no different. Will Bitcoin price go up? Although the market appears to be stabilising, caution still lingers among traders, particularly with a new CME gap forming between $110,990 and $111,355. These gaps, which emerge when CME Bitcoin futures resume trading at a different price than where they closed, often act like magnets that pull price action back to fill them. Over the past four months, every CME gap has been filled, and many traders expect this one to follow suit. Market participants were already on alert, given the unlikely weekly close above $112,000. That move set up a strong start to the Asia session and coincided with gold printing fresh all-time highs. Bitcoin appeared to follow suit, but the sharp upside also carved out a textbook gap on CME charts, one that now hovers just beneath the current spot price. On-chain data from CoinGlass further supports the possibility of a pullback. The 24-hour BTC liquidation heatmap shows a dense cluster of bid-side liquidity around the $111,000 level. Bitcoin 24-hour liquidation heatmap. Source: Coinglass. To fill the CME gap, Bitcoin would have to break through this wall of bids, which could create short-term volatility as leveraged long positions face potential liquidation. The heatmap reveals multiple liquidation pockets clustered near $111,000 and $110,000, reinforcing the idea that these zones could be tested before any sustained breakout. “Ideally we come back and close this if we want a clean move higher this week,” said Nic Puckrin, CEO and cofounder of Coin Bureau. Nic @nicrypto · Follow It’s back. Another CME gap. Ideally we come back & close this if we want a clean move higher this week. 12:00 PM · Sep 29, 2025 266 Reply Copy link Read 37 replies His comments echoed that of many other crypto community members that while the rally is encouraging, it may need to retrace slightly to establish firmer ground for continuation. See below. Killa @KillaXBT · Follow The further $BTC pushes away from the CME gap it created at 109200, the higher the chances we end up seeing a new ATH. We have only formed a few of these particular gaps (like the one at 73K) which usually forms on the verge of a next leg. If BTC starts pushing down to 8:08 PM · Sep 29, 2025 158 Reply Copy link Read 25 replies Looking ahead, Bitcoin now faces immediate resistance around the $114,200 mark, today’s intraday high. If bulls manage to flip this into support, the next leg could target the $116,000–$117,000 range, where previous liquidation clusters and historical supply zones converge. Beyond that, $118,000 remains the next psychological resistance. However, failure to hold above $112,000 would bring the CME gap back into focus. A clean sweep of the $111,000 zone, followed by a bounce, would likely be viewed as constructive by market participants. In the meantime, the broader macro environment continues to carry weight. A series of high-impact economic reports due over the next few days could reshape expectations around the Federal Reserve’s policy trajectory. Tuesday’s JOLTS job openings data, Wednesday’s ISM Manufacturing PMI, Thursday’s weekly jobless claims, and Friday’s unemployment rate release are all expected to influence market direction. Any sign of persistent labor market strength or stickier-than-expected inflation may prompt the Fed to pause or delay its anticipated rate cuts. That could pressure risk assets like Bitcoin, which tend to benefit when interest rates fall and liquidity conditions improve. Adding to this uncertainty, Cleveland Fed’s Beth Hammack cautioned in a CNBC interview that inflation remains a serious concern. She highlighted that both headline and core inflation have stayed above the central bank’s 2 percent target for over four years. Her remarks suggested that not all policymakers are on board with an aggressive rate-cut path, especially with the unemployment rate still hovering below five percent, a level historically considered strong. While traders are hopeful the jobs data will support a dovish pivot, any upside surprise in employment numbers could dampen that optimism, at least temporarily. At press time, Bitcoin price was at $113,868, up 3.5% on the day. Top altcoin gainers of the day The total market cap of all altcoins combined initially rose to an intraday high of $1.78 trillion before settling at $1.71 trillion, up 1.8% over the day. Ethereum (ETH), the leading altcoin by market share, rebounded 4% in the period to nearly $4,200 as of press time, recovering from last week’s losses. Other large-cap altcoins like XRP (XRP), Solana (SOL), Dogecoin (DOGE) and Cardano (ADA) posted similar gains ranging between 3-5%. Zcash (ZEC) outperformed the broader market, emerging as the leading gainer among the 100 largest altcoins. The token jumped 19% on the day, while Pump.fun (PUMP) and Mantle (MNT) followed with relatively more modest gains of 10% and 9%. Source: CoinMarketCap Zcash : Zcash rallied today, supported by renewed demand among miners for the PoW cryptocurrency as gauged by a spike in its network hashrate . With the broader market sentiment leaning toward the likelihood of an altcoin season in the short term, miners may be turning back to PoW cryptocurrencies like Zcash to maximise returns from their hardware. Meanwhile, speculative trading activity also intensified after ZEC cleared $56.8 resistance level, which had previously acted as its market top during its May run earlier this year. Further, ZEC price confirmed a bullish golden cross on the daily chart as the 50-day simple moving average crossed above the 200-day, which is often perceived as confirmation that momentum was shifting to the upside in the short term. Pump.fun : PUMP’s gains can be tied to news surrounding Australian fitness retailer Fitell Corporation, a publicly listed company, revealing its plan to add PUMP to its corporate treasury. The altcoin also gained traction as global crypto exchange HTX listed PUMP on the platform. PUMP’s gains were also supported by increased trading activity after crypto exchange MEXC listed the FINANCE, a token that had previously debuted on Pump.fun. Listing on MEXC exposes the token to a larger audience, potentially leading to increased liquidity and trading volume for both the listed token and, by extension, PUMP, as it powers the Pump.fun ecosystem. Mantle : Traders showed increased demand for the MNT token after it broke out of a bullish flag pattern on the daily chart. In technical analysis, when such a pattern is confirmed, the related token tends to experience a sustained rally over the following days. The post Bitcoin price climbs to $114K as altcoins join recovery, ZEC, PUMP lead daily gains appeared first on Invezz
