#Cryptomarketrebound #BtcPriceAnalysis

Cryptocurrencies opened October higher despite the US government shutdown.
Leading cryptocurrency Bitcoin opened today at 119,960 after hitting 121,077 yesterday, while Ethereum is at $4,480. The crypto market cap is $4.22 trillion.
Key developments in cryptocurrencies from the last 24 hours
As Washington enters its second day of the partial government shutdown, cryptocurrency markets continue to rise. The US government officially shut down on October 1st due to lawmakers' inability to reach a budget agreement. While this created uncertainty and stress for federal employees, it has not historically had the same negative impact on financial markets. Indeed, the S&P 500 index has gained value during every government shutdown since 1990. The strengthening correlation between Bitcoin and stocks in 2025 suggests that a similar positive impact could be reflected in the cryptocurrency markets. In the last 24 hours, the total cryptocurrency market capitalization rose to $4.22 trillion, with Bitcoin trading at $119,960. Ethereum was trading at $4,480, XRP at $3.03, and Solana at $231.34. Bitcoin and Ethereum ETFs also closed positively yesterday. Bitcoin ETFs saw a total inflow of $627 million, while Ethereum ETFs saw inflows of $307 million.
Bitcoin (BTC)
Bitcoin is trading at $119,960. Bitcoin, which rose to as high as 121,077 yesterday before retreating to 119,700, is showing sustained moves above 118,000, bolstering market confidence and maintaining buyer appetite in the short term. Technically, 118,500 and 117,000 stand out as strong support. For upward attempts, the 120,500-121,000 range is the initial resistance, while the 122,500-124,000 range serves as medium-term resistance. A hold above 118,500 could strengthen BTC's attempts at 121,000 and above. However, closing below 117,000 could pull the price back toward the 115,500-116,000 range.
Ethereum (ETH)
Ethereum is currently trading at $4,480. Its recent stay above 4,450 suggests the price is maintaining its short-term upward trend. Technically, 4,450 and 4,380 are critical support levels. On the upside, $4,520 and $4,600 could serve as initial resistance levels. A strengthening of ETH above 4,520 could push the price into the 4,650-4,700 range. However, a potential break below 4,380 could pose the risk of an additional correction in the 4,250-4,300 range.
Ripple (XRP)
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‍XRP is trading at $3.03. Staying above 3.00 suggests buyers are gaining ground in the short term. Technically, 2.98 and 2.94 are viewed as strong support levels. On the upside, the $3.08 and $3.12 ranges can be monitored as resistance. Closes above $3.08 could accelerate the price towards the $3.18-$3.22 range. However, declines below $2.98 could increase the likelihood of a correction towards the $2.90-$2.94 range.

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