Bitcoin tops $120K, triggering $400M in liquidations

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.