Bitcoin has recently soared beyond the $120,000 mark, reaching its highest point since early August. This surge has triggered nearly $400 million in liquidations within the last day. Analysis indicates that approximately $282 million originated from short positions and around $120 million from long positions, with Bitcoin and Ethereum being at the forefront of these liquidations.
The leading cryptocurrency by market capitalization has risen over 7% since this week began. Investors are keenly observing how it performs in the fourth quarter, as October is traditionally a strong month for Bitcoin, typically yielding a 21% increase on average. Market players are strategically positioning themselves to determine if this upward momentum will persist through to year-end.