Bitcoin Falls Below $120,000 Amid Strong Sell Pressure

Bitcoin’s price has fallen below $120,000, reaching $119,736 at 1 p.m. EST on October 9, 2025, according to data from Bitstamp and Binance.

This significant price correction impacts major cryptocurrencies and suggests increased selling pressure and cautious market sentiment.

Overview

Bitcoin has dipped below $120,000, reflecting a substantial market correction after recent highs. Data from leading exchanges, including Bitstamp and Binance, validated the drop, with Bitcoin hitting $119,736 at 1 p.m. EST on October 9, 2025. Traders like Skew and Roman provided real-time analysis, noting bearish sentiment and diverging trends in market fundamentals. Binance’s open interest dropped significantly, indicating a reduction in leveraged positions.

Market Impact

The immediate market response saw key cryptocurrencies, including Ethereum  ETH -0.67% and XRP, witness declines in sync with Bitcoin. This trending correction had a ripple effect on altcoins, which fell by approximately 4-5%. Financial implications include notable profit-taking by long-term holders. The realized gain/loss ratio hit a three-month high, signaling increased exits and consolidation by investors in the market. As Roman shared:

A friendly reminder that we are once again printing more bearish divergences, low volume, & lack of momentum on HTF. Both 1W & 1M. We called the move from 107-124k perfectly, now I see us moving lower, potentially 108k once again. I don’t see strength here.

Future Projections

Community leaders maintain that Bitcoin’s fundamentals remain intact, supporting a larger upward trajectory despite the current downturn. Analysts emphasize ongoing technological development and sentiment analysis for future market guidance. While regulatory statements were absent, traders focus on technical analysis and historical trends to gauge future movements. With significant Bitcoin positions re-evaluated, markets could see an adjustment pending external economic factors. Investors often view this period as a buying opportunity.