Bitcoin Surges Past $120K, Triggers $400M in Liquidations
- Bitcoin exceeded $120,000, marking its highest level since early August.
- This surge resulted in nearly $400 million in liquidations over the last 24 hours.
- Approximately $282 million of these liquidations were from short positions and $120 million from longs.
- Ethereum also contributed significantly to the liquidation figures.
- The largest crypto asset by market cap has increased by over 7% since the beginning of the week.
- Historically, October has been one of Bitcoin’s strongest months, averaging a return of 21%.
Trading Analysis
Trading Signal: BULLISH (Score: +8)
The recent price surge and historical performance in October suggest a strong upward trend for Bitcoin.
Price Levels:
Current: $120,000
Support: Not specified | Resistance: Not specified
Recent Range: Not specified
Catalysts & Timeline:
• Near-term: Traders are closely watching Q4 performance.
The recent increase in Bitcoin’s price past $120K has led to significant liquidations totaling nearly $400 million. The bullish outlook is supported by historical trends showing strong returns in October.
Source (3.2)https://cryptobriefing.com/bitcoin-nears-120k-short-liquidation-20b/?rand=59535
