Bitcoin returns to the $120,000 mark, causing nearly $400 million in liquidations

Jinse Finance reported that Bitcoin surged above $120,000 in the early hours, reaching its highest level since August and triggering nearly $400 million in forced liquidations over the past 24 hours. Data shows that approximately $282 million came from short positions and $120 million from long positions, mainly in Bitcoin and Ethereum. Since the beginning of this week, the largest crypto asset by market capitalization has risen by more than 7%. Traders are closely watching the performance in the fourth quarter, as historically, October has been one of Bitcoin's strongest months, with an average return of 21%. Market participants are adjusting their positions to see if the current upward trend can continue into the final quarter.