Over 127,000 Traders Wrecked as Bitcoin Taps $120K for the First Time Since August ATH

Uptober has started with a bang as bitcoin’s price jumped to just over $120,000 for the first time since mid-August, when it rocketed to a new all-time high before it was violently rejected.

Many altcoins are also well in the green daily, which has resulted in many liquidations for over-leveraged traders.

BTC/USD. Source: TradingView

Ever since BTC’s aforementioned ATH in August, the bears seemed to have dominated the market, as evidenced by some of the wild swings in the past seven weeks. September, which is historically a bearish month, provided a relief rally after the US Federal Reserve lowered the interest rates for the first time in 2025, but that was short-lived.

The overall negative sentiment prevailed, and BTC slipped below $109,000 at the end of the month. However, the bulls returned to the scene at the start of the current business week, and especially since October kicked off.

In the past four days alone, the primary cryptocurrency has added over ten grand and skyrocketed past $120,000 just minutes ago for the first time since those ATH levels mentioned above.

This impressive surge has propelled a massive increase in BTC’s market cap, which is now close to $2.4 trillion once again. Many altcoins have followed suit, led by Zcash’s massive 40% surge. XMR, CRO, HASH, ENA, APT, and ASTER are next in terms of daily gains.

Data from CoinGlass shows that the total value of wrecked positions in the past day is up to over $430 million. The number of liquidated traders is also on the rise, surpassing 127,000.

The single-largest liquidated order took place on Hyperliquid and was worth over $11 million.

Liquidated Positions Daily. Source: CoinGlass

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