Strong Bounce After October Slide
Bitcoin broke above $113,000, marking its first climb to that level since the violent market plunge on October 10 that erased nearly $20 billion from crypto capitalizations. Following several days of indecision trading between $108,000 and $111,000, buyers reemerged to propel prices higher, restoring confidence among hodlers and traders alike.
October’s Turbulence Leaves Buy-The-Dip Opportunities
The mid-October crash triggered a wave of stop-loss liquidations and forced deleveraging across exchanges, but it also created fresh demand zones. Smart money tapped into these consolidated price bands, scooping up discounted bitcoin and setting the stage for the latest rally. On-chain indicators reveal a notable decline in exchange reserves, signaling holders’ intent to accumulate rather than offload.
Intersecting Markets Fuel the Upswing
Today’s crypto rally coincided with U.S. equity markets pushing higher, providing a dual tailwind. A softer tone in bond yields combined with a supportive macro backdrop encouraged risk-on positioning, benefiting both digital assets and traditional stocks. Derivative data shows short positions unwinding, contributing to positive funding rates and reinforcing upward momentum for bitcoin.
Eyes on $120K and Beyond
With $113,000 secured, market participants are turning their attention to the next psychological milestone at $120,000. Sustained technical strength and growing institutional interest could pave the way for a fresh all-time high in the coming weeks. Nonetheless, volatility remains elevated, and a pullback to previous support levels cannot be ruled out as traders lock in gains.