Key takeout
- Bitcoin has surged to over $120,000, the highest since August, driving $400 million in liquidation led by BTC and ETH.
- Seasonal trends show an average profit of 21% in October, boosting bullish positioning.
Bitcoin today exceeded $120,000, the highest level since early August, causing a liquidation of around $400 million over the past 24 hours. Data shows that around $282 million is from short positions and $120 million is from long positions, with Bitcoin and Ethereum leading wipeouts.
The largest cryptocurrency by market capitalization has been earning more than 7% since the beginning of the week. October has historically been one of Bitcoin’s strongest months, with an average return of 21%, so traders are closely watching their fourth quarter performance. Market participants are positioned to see if the current uptrend can expand into the last quarter.
