Major Reasons Why Bitcoin Price Rallied Above $121K Today?
After beginning the primary day of October 2025 in a bullish outlook, Bitcoin (BTC) value prolonged beneficial properties in the course of the second day. The flagship coin surged almost 3% in the course of the previous 24 hours to achieve a spread excessive of above $121k.
As such, $135 million was liquidated from leveraged BTC merchants, with round $117 million involving brief positions.
Main Causes Why Bitcoin Value Surged Right this moment
Rising Open Curiosity (OI)
In accordance with market information evaluation from CoinGlass, Bitcoin’s OI has rebounded in the previous couple of days. At press time, BTC’s OI hovered round $86 billion, having surged from $77 billion final week.
Traditionally, Bitcoin value has rallied on greater OI, and vice versa.
Technical Tailwinds
Within the each day timeframe, BTC value has rallied above a serious resistance vary between $117k and $120k in the course of the previous two days. After a notable rebound from the each day 100 Shifting Common Easy (SMA), BTC value has damaged above a falling logarithmic resistance development shaped within the final two months.
In accordance with crypto analyst Benjamin Cowen, the BTC value will proceed to rally within the coming three months and doubtlessly prime out earlier than the top of this yr.
Excessive Institutional Demand
The demand for Bitcoin as a hedge in opposition to inflation has remained excessive within the latest previous. On Wednesday, the U.S. spot BTC ETF issuers recorded a internet money influx of about $675 million.
In the meantime, Metaplanet has led corporations implementing Bitcoin treasury plans, after asserting a purchase order of over 5k BTCs on Wednesday.
Macroeconomic Uncertainty
Bitcoin value has additionally benefited from the continued macroeconomic uncertainty, particularly after the U.S. authorities shutdown and the escalating pressure between Russia and Ukraine.
Traders have turned to a risk-on technique to hedge in opposition to fiat inflation.
What are the Midterm Expectations for BTC Value
Earlier on Thursday Citigroup lowered its Bitcoin value goal for the top of this yr from $135k to $133k. Nonetheless, the financial institution raised its BTC value goal for 12 months to $181k.
In the meantime, JPMorgan reiterated that the Bitcoin value is closely undervalued relative to gold and issued a midterm goal of about $165k. Notably, the gold value has recorded a brand new weekly all-time excessive since mid-August 2025.
