Oct 03, 2025 at 20:05 // News
October 3, 2025, marked an emphatic start to what crypto enthusiasts term the annual “Uptober” rally, with Bitcoin (BTC) surging past the $120,000 mark, hitting an intraday high near $120,000.
This milestone price movement signaled renewed bullish momentum in the digital asset market, with a gain of over 1% in 24 hours.
Coinidol.com reported today, that bullish momentum has pushed the price to a high of $121,106, approaching the $124,000 barrier. If buyers break through the $124,000 resistance, the largest cryptocurrency could rise to a high of $141,000.
Solidifying Bitcoin’s perceived legitimacy
The primary driver for this parabolic move continues to be the relentless demand generated by US spot Bitcoin Exchange-Traded Funds (ETFs). Data confirms that US spot products logged a staggering $676 million in inflows on October 1st alone, underscoring the deep and sustained institutional appetite for the asset. BlackRock’s spot Bitcoin ETF, IBIT, is rapidly approaching a milestone, with its Assets Under Management (AUM) nearing $94 billion. This massive institutional backing is not only injecting capital but is also solidifying Bitcoin’s perceived legitimacy within traditional financial circles.
Beyond the ETF narrative, the market is being amplified by post-halving supply dynamics. The constrained new supply combined with the immense institutional buying pressure creates a highly favorable environment for price appreciation. This confluence of factors has shifted the market sentiment from neutral to a state of “greed,” with analysts now revising end-of-year targets, some reaching as high as $173,000.
Bitcoin mining changes
The sustained investment into the Bitcoin ecosystem is further evidenced by a monumental surge in network difficulty. The Bitcoin mining difficulty adjustment recently saw a 5% increase to a record 150.84 trillion, the seventh consecutive rise. This surge reflects unprecedented computing power securing the blockchain, with the total network hash rate now crossing one zettahash (1.05 ZH/s).
While this tightens margins for miners, it fundamentally underscores the network’s resilience, security, and the long-term capital commitment to its infrastructure. The market sees the $120,000 price point as a critical psychological and technical resistance level, the decisive break above which could pave the way for a continuation of the rally towards the next major targets.
