Bitcoin has once again climbed above $115,000 after a sharp fall to the $102,000 mark last Friday. The significant drop was attributed to President Trump’s escalation of tariff tensions with China. As traders re-enter the market, Bitcoin may soon challenge the psychological barrier of $120,000.
The cryptocurrency sector faced its most severe downturn on Friday when over $19 billion in leveraged positions were liquidated. During this flash crash, Bitcoin momentarily plunged to around $102,000 while Ether dropped to $3,500.
At the week’s outset, Bitcoin is showing signs of recovery and is now trading above $115k. Similarly, Ether and XRP have rebounded and are trading at over $4,100 and $2.57 respectively.
Traders are cautiously optimistic as they return to the market with BTC eyeing a potential rise towards the crucial threshold of $120k in upcoming sessions.
Bitcoin Rebounds Above $115k After Significant Decline
The crypto market is bouncing back from Friday’s steep decline when Bitcoin fell from approximately $120k down to $102k within an hour following Trump’s announcement regarding new tariffs on Chinese goods.
This crash hit altcoins even harder as some lost more than half their value within that brief period. Over $19 billion worth of leveraged positions were liquidated during what many consider one of crypto’s largest crashes ever recorded.
Nick Forster from Derive.xyz explained via email that fears about renewed U.S.-China trade conflicts sparked by Trump’s additional 100% tariff threat caused widespread panic across global markets:
“Trump’s comments sent shockwaves globally resulting in evaporating liquidity throughout crypto futures markets due largely because risk limits led makers pulling quotes.”
BTC Targets $120K Amid Renewed Market Optimism
The BTC/USD four-hour chart remains bearish yet shows inefficiencies post-Friday’s major dip after hitting an all-time high at approximately $126k earlier this month before declining by roughly eleven percent reaching lows near $ &102k between Tuesday-Saturday span only slightly recovering since then gaining three percent value bringing current prices closer toward recent highs around $ 115,500 per coin though momentum indicators remain bearish but improving steadily nonetheless suggesting possible bullish crossover incoming soon enough if buying pressure continues building up accordingly hereon out thereby potentially testing key resistance levels ahead such as aforementioned psychological milestone situated nearby currently standing firm just shy below historic peak set previously seen earlier October thus far observed today overall outlook appears positive despite prior setbacks encountered recently along way forward hopefully leading further gains eventually materializing 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