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.
Level
Price
What It Means
Resistance 2
$86,000
Next upside target
Resistance 1
$82,000 to $84,000
Channel top zone
50 EMA
$80,080
Bulls need to hold above
20 EMA
$79,896
Short-term support
Support 1
$78,000
First pullback area
Support 2
$76,000
Channel low, near 200 EMA
Breakdown zone
$74,000 to $72,000
Opens if $76,000 fails
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.
About the Author Lokesh Gupta
Research Analyst at coingabbar.com
Lokesh Gupta started his journey in financial markets 23 years ago and never looked back. From Forex to Comex, NSE, MCX, NCDEX, and now Crypto — he has seen it all. He holds an MBA in Finance and over the last 4 years, Bitcoin, Ethereum, Solana, XRP, and trending coins have become his main focus. People who follow his work say one thing — he keeps it real. No fancy language, no unnecessary complexity. Just honest market research that helps you understand what is happening and why it matters to your money.
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