[Bitcoin Now] Bitcoin Surges on U.S. Shutdown... Holds Above $123,000

Trading at $123,400 on October 6
BTC Market: "Resistance Level at $135,000"
Volatility Rises as Leveraged Positions Accumulate

Yonhap News Agency

Bitcoin, the world's largest cryptocurrency, is experiencing a record-breaking rally for the first time since mid-August. Last week, it was observed that global investment demand shifted toward gold and cryptocurrencies due to the U.S. government's shutdown (temporary suspension of operations).

According to cryptocurrency market data site CoinMarketCap, as of 5:00 p.m. KST on October 6, the price of Bitcoin stood at $123,484, down 1% from 24 hours earlier. However, compared to seven days ago, it is up 10.26%, and compared to a year ago, it has risen by 99.28%. On October 5, Bitcoin climbed to an all-time high of $125,559.

At the same time, Ethereum, the second-largest cryptocurrency by market capitalization, was down 0.42% from 24 hours earlier. Other major cryptocurrencies, including Ripple (-0.46%), Tether (0.02%), BNB (0.72%), and Solana (-1.09%), were mostly flat.

Bloomberg News pointed out that this Bitcoin rally has been driven by increased demand for both gold and cryptocurrencies as uncertainty grew due to the U.S. government shutdown.

The U.S. Bureau of Labor Statistics was unable to release its scheduled nonfarm payroll data on October 3 because of the shutdown. Gold prices surpassed $3,900 per ounce on Monday, setting another all-time high and extending a months-long upward trend.

Rachel Lucas, a BTC Market analyst, stated, "A resistance level is expected to form near $135,000, but if the upward momentum continues, it is possible for Bitcoin to break through $150,000." She also warned, "However, as leveraged positions accumulate, there is a growing risk of increased volatility in the event of a sharp reversal."

Currently, in the options market, call options account for more than 60% of total open interest, indicating a bullish sentiment.

Lucas added, "This reflects strong conviction among investors, but at the same time, if momentum stalls, it could increase the risk of a chain of liquidations."