Bitcoin Surges Past $120,000 as Market Sentiment Stays Positive

Bitcoin (BTC) has once again reclaimed the $120,000 mark, solidifying its dominance in the cryptocurrency market amid fluctuating trends. While altcoins have seen a temporary slowdown, Bitcoin’s steady demand persists, even as individual investors capitalize on profits. Market sentiment remains optimistic, pointing to continued resilience in the sector.

As of 8:30 a.m. on October 23, Bitcoin's price stood at 162.76 million KRW (roughly $121,000) on South Korea's popular exchange Upbit, reflecting a 1.67% increase compared to the previous day. Similarly, it gained 2.14%, reaching $120,000 on Binance. Meanwhile, the CoinDesk 20 Index, which monitors the performance of leading cryptocurrencies including Bitcoin, registered a modest rise of 0.39% during the same timeframe. Notably, Solana (SOL) exhibited strong growth of 3.59%, while Ethereum (ETH) and XRP (XRP) experienced minor declines of 0.92% and 0.24%, respectively.

Liquidation Data Highlights Ongoing Market Activity

Liquidation metrics shine a spotlight on market volatility and investor behavior. Data provided by Coinglass reveals that approximately $62.05 million worth of Bitcoin positions were liquidated in the past 24 hours, with 55.2% of these being long positions. Across the broader cryptocurrency market, total liquidations amounted to $460.69 million, with Ethereum taking the lead at $143.06 million.

Although Bitcoin recently hit an all-time high of $123,200 on Coinbase, its price has slightly dipped as it struggles to maintain the $120,000 level. Key contributing factors include sustained selling pressure from retail investors and sluggish spot market demand in regions like the U.S. and South Korea.

Shifts in Retail Investor Sentiment

Recent data from CryptoQuant indicates a notable shift in Bitcoin’s on-chain trading dynamics. Transaction volumes have dropped below $60 million, signaling increased selling activity among retail investors. Despite Bitcoin hovering near historic levels, many appear to favor profit-taking over continued accumulation.

Regional metrics further highlight cautious investor behavior. In the U.S., the Coinbase Premium Index, which measures the price discrepancy between Coinbase and other global exchanges, has remained stable over the past month. This suggests that retail investors are looking to lock in profits or are waiting for more favorable entry points to re-enter the market.

In South Korea, the Korea Premium Index has entered negative territory, meaning Bitcoin is trading at a discount on Korean exchanges compared to global platforms. According to data from Cryprice, a cryptocurrency price tracker, the price gap between Binance and Upbit is currently 1.9%, with Bitcoin listed higher on Binance.

Market Resilience Amid Challenges

Despite pressures stemming from retail investor activity and subdued demand in specific regions, Bitcoin continues to demonstrate remarkable stability. Digital asset analyst Boris West commented, "The absorption of selling pressure around $116,000 and restricted buying activity near $120,000 signify robust liquidity flow."

Echoing this perspective, Axel Adler Jr., another prominent cryptocurrency researcher, stated, "Bitcoin remains in its growth phase, supported by consistent buying momentum. Without immediate concerns about overheating, there is potential for further price gains, potentially targeting the $130,000 range."

Investor Sentiment Shows Improvement

The Alternative Fear & Greed Index, which tracks overall sentiment in the digital asset market, inched higher from 71 (Greed) to 72 (Greed) over the past day. The index, ranging between 0 and 100, indicates stronger buying confidence at higher levels, as scores near the upper end reflect positive sentiment toward continued upward price movements.

Bitcoin’s Path Forward

Despite challenges posed by profit-taking and divergent regional market trends, Bitcoin’s price stability underscores its position as an undisputed leader in the cryptocurrency space. Analysts suggest that as demand remains steady and speculation remains measured, the potential for sustained price growth toward higher levels—possibly beyond $130,000—remains intact.

By reaffirming its dominance amid a complex market landscape, Bitcoin continues to be the focal point of digital asset investment strategies, attracting both institutional and retail investors toward its growth narrative.

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