Bitcoin touches retakes $120K for first time in seven weeks

[The New Gold. Bitcoin Concept]
BlackJack3D

Bitcoin (BTC-USD [https://seekingalpha.com/symbol/BTC-USD]) climbed to $120.9K at 3:43PM ET on Thursday, the first time it has breached $120K since hitting a record level of -$124K on Aug.13, 2025. The momentum appeared to be driven by investors considering the token to be a safe haven during the U.S. government shutdown.

Advocates have touted bitcoin (BTC-USD [https://seekingalpha.com/symbol/BTC-USD]) as "digital gold," serving the same role as the metal during market volatility. Gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR]) hit its most recent record high of $3,874.71 on Tuesday ahead of the U.S. government shutdown.

“For the first time in a while, the macro theme seems to have taken hold of bitcoin, which has seen $1.5B of ETF inflows week to date, and appears to be attempting to catch up to gold’s eye-watering move of the last few weeks,” Karim Dandashy, an over-the-counter trader at Flowdesk told [https://www.bloomberg.com/news/articles/2025-10-02/bitcoin-hits-120-000-for-first-time-since-reaching-record-high]Bloomberg.

Bitcoin-related stocks advanced in Thursday trading. Bakkt Holdings (BKKT [https://seekingalpha.com/symbol/BKKT]) surged 29% in regular-hour trading, Strategy (MSTR [https://seekingalpha.com/symbol/MSTR]) rose 4.1%, Coinbase Global (COIN [https://seekingalpha.com/symbol/COIN]) climbed 7.5%, Hive Digital (HIVE [https://seekingalpha.com/symbol/HIVE]) rose 4.8%, Hut 8 (HUT [https://seekingalpha.com/symbol/HUT]) grew 6.9%, CleanSpark (CLSK [https://seekingalpha.com/symbol/CLSK]) rose 3.8%, and Bullish (BLSH [https://seekingalpha.com/symbol/BLSH]) jumped 12%.

Some crypto-related exchange-traded funds of interest: (IBIT [https://seekingalpha.com/symbol/IBIT]), (ARKB [https://seekingalpha.com/symbol/ARKB]), (GBTC [https://seekingalpha.com/symbol/GBTC]), (BRRR [https://seekingalpha.com/symbol/BRRR]), (BTCO [https://seekingalpha.com/symbol/BTCO]), (HODL [https://seekingalpha.com/symbol/HODL]), (BTCW [https://seekingalpha.com/symbol/BTCW]), (FBTC [https://seekingalpha.com/symbol/FBTC]), (NYSEARCA:BITB [https://seekingalpha.com/symbol/BITB#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]), (EZBC [https://seekingalpha.com/symbol/EZBC]), (BITQ [https://seekingalpha.com/symbol/BITQ]), (DAPP [https://seekingalpha.com/symbol/DAPP]), (BKCH [https://seekingalpha.com/symbol/BKCH]), (BLOK [https://seekingalpha.com/symbol/BLOK]), (CRPT [https://seekingalpha.com/symbol/CRPT]), and (IBLC [https://seekingalpha.com/symbol/IBLC]).

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