Bitcoin Blasts Past $120,000, Triggers $448M in Liquidations
The broad cryptocurrency rally sees XRP top $3 and Ethereum reclaim $4,500 as bullish momentum returns to the market.
Bitcoin (BTC) surged past the $120,000 mark on Thursday, reaching its highest level since early August and igniting a wave of bullish sentiment across the cryptocurrency market. The sharp upward movement triggered a massive liquidation cascade, with leveraged traders seeing over in just 24 hours, according to data from Coinglass.
The rally was not confined to Bitcoin. Major altcoins posted significant gains, with Ethereum (ETH) climbing back above the key $4,500 level and XRP more than doubling to hit a high of $3.07. Other popular cryptocurrencies, including Dogecoin (DOGE) and Solana (SOL), also experienced substantial price increases, signaling a broad-based market recovery that has captured investor attention.
The renewed momentum comes amid growing institutional interest in the digital asset space. In a significant move for the industry, derivatives marketplace giant for its cryptocurrency futures and options products starting in 2026. This development aims to meet the increasing demand from clients who require continuous access to manage risk in the non-stop crypto market.
Despite the bullish breakout, some analysts are urging caution. Trader Ted Pillows noted that Bitcoin's 4-hour Relative Strength Index (RSI) is at its most overbought level since July, suggesting a short-term correction or consolidation could be on the horizon. Another analyst, known as Skew, observed that while the initial push past $120,000 was impressive, from U.S. markets to confirm a definitive breakout. Traders will now be closely watching to see if Bitcoin can establish support above this critical psychological threshold.