Bitcoin Skyrockets Past $120K—Is This the Beginning of a New Crypto Gold Rush or a Bubble Ready to Burst?
Ever wonder what it feels like when Bitcoin decides to rewrite the rulebook overnight? Today, the king of crypto shattered expectations by surging past $120,000—its highest leap since August—sending shockwaves through the market and triggering nearly $400 million in liquidations. It’s like watching a high-stakes game where millions get wiped out in minutes, fueled by a perfect storm of October seasonality and bullish frenzy. What’s driving this sudden spike, and can the momentum hold as we cruise deeper into Q4? Let’s dive into the whirlwind stirring the digital gold rush and unpack what it means for traders sharpening their strategies right now. LEARN MORE
The largest crypto asset surged more than 7% this week, with October seasonality fueling bullish positioning.
Photo: Dado Ruvic
Key Takeaways
- Bitcoin surged past $120K, its highest since August, driving $400M in liquidations led by BTC and ETH.
- Seasonal trends show October averaging 21% gains, boosting bullish positioning.
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Bitcoin climbed above $120,000 today, its highest level since early August, sparking nearly $400 million in liquidations over the past 24 hours. Data shows about $282 million came from short positions and $120 million from longs, with Bitcoin and Ethereum leading the wipeouts.
The largest crypto asset by market cap has gained more than 7% since the start of the week. Traders are closely watching Q4 performance, as October has historically been one of Bitcoin’s strongest months, averaging a 21% return. Market participants are positioning to see whether the current uptrend can extend into the final quarter.
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