Bitcoin Maintains Bullish Sentiment; Privacy Coins Lead Market Gains
Bitcoin (BTC) traders are holding onto optimism despite a recent pullback, while privacy-focused cryptocurrencies are seeing a strong resurgence.
BTC briefly dipped to $120,000 overnight, weighing on the broader crypto market. Ether (ETH) fell 2.4% in 24 hours, wiping out its weekly gains. Solana (SOL), XRP ($2.7347), Dogecoin (DOGE, $0.2374), and Cardano (ADA) each dropped by up to 3%, according to CoinDesk data.
Meanwhile, U.S.-listed Bitcoin ETFs continue to see strong demand, pulling in $2.72 billion in inflows this week. Analysts note this underlines BTC’s growing role as a digital hedge alongside gold, which recently crossed the $4,000 per ounce mark. Investor confidence is further supported by dovish signals from the Federal Reserve following its September rate cut.
Short-term pullbacks are typical in Bitcoin rallies. After July highs, BTC slid 9% over three weeks before rebounding, while August saw a 14% retracement. FxPro analyst Alex Kuptsikevich expects BTC could revisit $107,000–$115,000 before the end of October, with the Fed’s rate decision on October 29 acting as a key catalyst.
“Moves below the upper end of this range may raise market concern,” Kuptsikevich added.
The $107,000–$115,000 zone represents the balance between dip buyers and patient shorts. Derivatives markets appear less stretched than last month, with CryptoQuant noting easing selling pressure. ETF flows will determine whether spot demand is sustainable or front-loaded.
Macro conditions remain uncertain. The U.S. government shutdown has entered a second week, delaying key economic data. Analysts say such uncertainty favors safe-haven assets like Bitcoin and gold. For BTC, $125,000 remains a critical resistance: steady buying could absorb supply, while rapid gains may push prices back into the $115,000–$118,000 range.
Privacy Coins Stage Comeback
Privacy-focused cryptocurrencies are leading gains across the market. Zcash (ZEC, $233.01) surged nearly 80% in the past week and over 400% since late summer. Monero (XMR, $331.31), Dash (DASH, $44.32), and smaller tokens like Railgun have rallied up to 40% in 24 hours.
The resurgence is driven by increased activity on Near’s privacy messaging tools, renewed investor interest in Zcash, and the Ethereum Foundation’s upcoming privacy research cluster initiatives.
