Key Takeaways
- Bitcoin (BTC) has broken out of a bullish pattern, with a 5% price jump in sight.
- Bitcoin’s exchange reserves fell by 21,769 BTC, indicating ongoing accumulation.
- Derivative data shows traders strongly believe that Bitcoin’s price won’t fall below the $116,259 level.
Bitcoin (BTC), the world’s largest cryptocurrency by market cap, has a strong history of posting positive gains in October since its early days. The asset once again followed the same trend, surging 4% since the beginning of October 2025.
BTC Current Price and October Gains
Data from Lookonchain, an on-chain analytics tool, showed that over the past 12 years, Bitcoin has recorded gains in October 10 times, while posting negative gains twice in 2014 and 2018.
According to the price-tracking tool TradingView, BTC is currently trading near $118,780, and has remained unchanged on October 2, 2025.
With this bold start, market participants have shown strong interest in the asset, as reflected in the trading volume. CoinMarketCap reveals that BTC’s 24-hour trading volume has jumped by 10% to $68.75 billion.
Bitcoin Technical Outlook: Key Levels to Watch
The recent surge has reinforced October as Bitcoin’s strongest month, as BTC has broken out of a bullish double-bottom pattern on the daily chart, indicating that history may once again repeat itself.
According to TimeCrypto’s technical analysis, BTC appears bullish and is poised to continue the ongoing rally. On the daily chart, the asset has cleared all major hurdles, and no significant resistance is expected until the $124,000 level.
Based on the current price action, if the momentum continues and BTC holds above the $117,700 level, it could push the asset to $124,500 or even higher, potentially marking a new high.
At press, the technical indicator has turned green and fallen below the asset price, indicating a potential bullish reversal and room for further upside momentum.
However, the Average Directional Index (ADX) value stands at 19.90, below the threshold of 25, indicating that the current trend lacks strong momentum and may struggle to sustain.
Also Read: Metaplanet Buys 5,268 Bitcoin, Climbs to 4th Among Global Corporate Holders as Shares Slip
On-Chain Data Shows Strong Accumulation
Given the current market sentiment, it appears that investors and long-term holders have started accumulating the token. CoinGlass reveals that over $26.85 million worth of BTC has left exchanges in the past 24 hours, indicating potential accumulation.
Not just that, on-chain analytics platform CryptoQuant reveals that over 21,769 BTC has left the Bitcoin exchange reserve. This decline in exchange reserves hints at accumulation, suggesting that investors are already positioning to ride the October gains.
BTC’s Major Liquidation Levels
At press, the major liquidation levels, where traders have shown strong interest, stand at $116,259 on the lower side and $119,826 on the upper side, where the least interest is recorded. At these levels, traders have built $1.46 billion worth of long positions and $612 million worth of short positions.
This metric indicates that bulls are firmly dominating the asset, confident that BTC’s price will not fall below the $116,259 level.
