Bitcoin moved in a tight range on Wednesday, stalling a brief rally above $114,000 as investors turned cautious amid the onset of a U.S. government shutdown and uncertainty about the timing of key economic releases.

The world’s largest cryptocurrency last traded 0.5% higher at $114,514.6 by 02:10 ET (06:10 GMT), hovering near a 10-day high.

Bitcoin saw a sharp rebound at the start of the week due to whale accumulations, after having dropped sharply in the previous week amid heavy liquidations and selling pressure.

US govt shutdown begins; concerns over jobs data intensify

The federal government began a partial shutdown at 04:00 GMT after lawmakers failed to agree on a stopgap funding bill. 

The Senate on late Tuesday rejected a Republican measure in a 55-45 vote, having required at least 60 votes to pass, leaving federal agencies without funding.

President Donald Trump defended the shutdown, saying it would give his administration room to take “irreversible” actions, including closing federal programs and cutting spending. 

His remarks signalled a prolonged standoff that could deepen the economic impact.

The shutdown has added uncertainty around the release of U.S. non-farm payrolls data scheduled for Friday this week. Delays or disruptions to the jobs report would cloud the outlook for the labour market and complicate the Federal Reserve’s next policy decision.

Bitcoin had climbed in the previous session on seasonal optimism linked to October, termed as “Uptober,” but the rally has stalled amid broader caution. 

Cryptocurrencies, often viewed as high-risk assets, were being pressured by the uncertainty surrounding U.S. fiscal policy and monetary expectations.

Gold prices hit a fresh record high on Wednesday, while global stock markets retreated, reflecting the broader risk-off sentiment.

Crypto price today: altcoins subdued amid broader risk-off mood

Most altcoins remained subdued on Wednesday amid global caution.

World no.2 crypto Ethereum fell 1.1% to $4,141.69.

World no. 3 crypto XRP declined 1.7% to $2.85.

Solana slipped 0.5%, while Cardano and Polygon were largely unchanged.

Among meme tokens, Dogecoin traded flat, while $TRUMP retreated 1.8%.