With Bitcoin (BTC) nearing $120,000, the crypto market appears to have regained momentum. This upward trend aligns with the 11th shutdown of the US federal government, highlighting Bitcoin's growing role as a digital safe haven.
Bitcoin reached a six-week high this morning at $119,550, just 4% below its all-time record of $124,128 set on August 14, 2025. At the time of writing, the world’s leading cryptocurrency is trading around $108,720.
This surge comes as the American government is paralyzed by another administrative shutdown, reinforcing distrust in central institutions and increasing the appeal of non-sovereign digital assets like Bitcoin.
The budget impasse between Republicans and Democrats in Washington has triggered the first federal government shutdown since 2018. As a result, 90% of SEC personnel are on forced leave, potentially delaying several key decisions for financial markets, particularly in the crypto sphere.
According to Polymarket, only 8% of bettors anticipate a quick resolution to the crisis. Faced with this instability, investors are turning to alternative safe-haven assets like Bitcoin.
Each year, the month of October (nicknamed “Uptober” by the crypto community) brings bullish momentum for digital assets. 2025 is no exception to the rule, with Bitcoin benefiting from a favorable macroeconomic context.
Among the identified catalysts :
While the institutional crisis benefits Bitcoin’s price, it also jeopardizes an event highly anticipated by institutional investors : the approval of Bitcoin ETFs in the United States.
According to Nate Geraci, an ETF specialist analyst, the launch of these regulated financial products is “potentially postponed.” Users of platforms like Coinbase, Binance France, or Bitstamp will therefore need to exercise patience.
Given the current bullish momentum and strong BTC fundamentals, many analysts predict that the $130,000 threshold could be crossed soon. Here are the medium-term targets :
Here are the main technical levels to watch :
As the world goes through a period of political and economic uncertainty, Bitcoin confirms its role as a decentralized safe-haven asset independent of traditional institutions. Its approach to the symbolic threshold of $120,000 marks a critical level for the weeks ahead.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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