Bitcoin Jumps Above $80K as $309M Shorts Get Wiped Out: Is $86K Next?

Bitcoin (BTC) price surged nearly 5% on Thursday and climbed back above $80,000. The jump came as the broader crypto market recovered from the U.S. election volatility.

BTC is trading near $80,500, up 5.28% ($4,037) in the last 24 hours. Its market cap now stands at $1.61 trillion.

The total crypto market cap rose 4.49% to $2.69 trillion as investors returned to the market.

Altcoins joined the rally. Ethereum (ETH) gained 7.84% to above $2,400, while XRP climbed 3.87% to $1.30. Raydium, Injective, and Stacks posted double-digit gains.

One post on X called it a big breakout after Democrats won the midterms and said Bitcoin may flip its downtrend into an uptrend.

BTC Short Sellers Get Squeezed as Volume Jumps 49%

Derivatives data shows heavy action. Futures volume hit $84.36 billion, while spot volume was $7.29 billion. Total 24-hour volume rose 49.47% to $85.55 billion.

Open interest sits at $53.11 billion, up 2.28%. Options volume jumped 58.26% to $8.23 billion, and options open interest rose 5.20% to $34.82 billion.

Short traders took the pain. They lost $309.08 million in liquidations over 24 hours. Long traders lost only $17.91 million.

The overall long/short ratio is 0.9948, which is almost even. Binance accounts show 1.3793, and OKX shows 1.51. Top Binance traders sit at 1.9193 by positions, so bigger players seem to lean long.

Fear & Greed Index Rebounds From 34 to Neutral

Sentiment moved fast. The index now reads 50, up from 34 (Fear) yesterday. It was 51 last week and 73 (Greed) last month.

So the mood has cooled over the month. Still, the one-day jump shows nerves are easing.

Trump Media Transfer Adds a Wild Card

Lookonchain reported that Trump Media sent 4,259 BTC, worth $343.67 million, to Crypto.com.

A transfer to an exchange does not prove a sale. But traders watch such moves, since selling could cap gains.

ETF Inflows Show Buyers Are Still Active

Spot Bitcoin ETFs took in $275.81 million on November 4. Cumulative net inflows stand at $56.74 billion.

Net assets are $100.53 billion, or 2.36% of BTC's market cap. Daily trading volume was $3.59 billion.

Fidelity's FBTC led with $236.72 million. ARKB added $19.90 million, and BITB added $15.21 million. BlackRock's IBIT saw no flows that day.

BTC Reclaims Key EMAs, but the Channel Is Still Intact

On the daily chart, $BTC bounced from the lower edge of a falling channel near $76,000 to $77,000. The 200 EMA at $76,535 helped hold the floor.

Price is now back above the 100 EMA ($77,834), the 20 EMA ($79,896), and the 50 EMA ($80,080). RSI is near 51, a neutral reading.

Bitcoin is still inside the descending channel, so the trend has not flipped yet.

What’s Next for BTC: Can Bulls Target $86K?

If BTC holds the $80,000 to $80,500 zone, buyers may aim for $82,000 to $84,000. Above that, $86,000 comes into view. A daily close above the channel top would strengthen the reversal case.

If the price gets rejected at $82,000 to $84,000, a drop back to $78,000 and $76,000 is possible. A break below $76,000 could open a path toward $74,000 and $72,000.

Bitcoin looks stronger than it did a week ago. But confirmation is still missing, and the Trump Media transfer is worth watching.

Disclaimer

This article is for information only and is not financial advice. Crypto is volatile and carries a high risk of loss. Do your own research and speak with a licensed advisor before investing.