Bitcoin climbs above $80K on November 5, recovering from a seven-week low. Fresh spot ETF inflows, rising U.S. stocks, and heavy short liquidations supported the rebound.
Why Bitcoin climbs above $80K matters
U.S. spot Bitcoin ETFs drew $74.6 million in net inflows on November 4. Fidelity led the buying. Traders betting against Bitcoin faced substantial losses.
At press time, BTC traded near $80,418, up more than 3% over 24 hours. It briefly fell toward $75,600 during the U.S. midterm election results. Then it recovered above $81,000 before settling near $80,000.
The recovery spread across crypto. Ethereum rose almost 6% to about $2,425. XRP gained 3% to $1.31. Solana climbed 4% to $96. BNB advanced 2% to around $710.
Zcash led gains, jumping over 7% to nearly $1,320. Its 24-hour trading volume reached $1.2 billion.
ETF inflows return after a three-day selloff
Institutional flows turned positive on Wednesday. This followed three straight sessions of withdrawals.
Fidelity’s FBTC attracted $236.7 million, its largest daily inflow in the latest sessions. Bitwise’s BITB added $15.2 million. ARK Invest’s ARKB received $19.9 million.
BlackRock’s IBIT recorded $201.2 million in withdrawals, partly offsetting other inflows.
The three prior sessions removed about $1.16 billion from Bitcoin ETFs. Specifically, investors withdrew $643.2 million on October 30. They pulled $398.6 million on November 2 and $115.6 million on November 3.
The November 4 figures show renewed net investment. However, inflows have not yet recovered the earlier withdrawals.
Midterm results and short liquidations lift Bitcoin
Bitcoin’s recovery gained momentum as markets stabilized. Democrats won control of both chambers of Congress.
The election initially unsettled crypto traders. Democratic lawmakers could take a tougher approach to digital asset legislation.
However, U.S. stocks recovered. The S&P 500 rose about 1.6% as investors assessed the results. Oil prices fell considerably during the same period. A weaker dollar and lower Treasury yields supported risk assets.
Bitcoin’s recovery coincided with about $378 million in short liquidations within 24 hour. CoinGlass data showed total liquidations reached almost $714 million.
Short liquidations occur when exchanges forcibly close leveraged bets against an asset. That creates additional buying pressure when traders must cover positions.
Bitcoin rebounded from roughly $75,600 to above $80,000. Improving sentiment and forced buying both drove the move.
Bitcoin price prediction: can BTC reach $82K?
On the daily chart, Bitcoin shows improving momentum after its recent decline. At about $80,337, BTC traded above the middle Bollinger Band at $80,273.86. This placed price back above a commonly watched short-term trend indicator.
The RSI recovered to 50.43 versus its moving average of 41.80. That suggests buying momentum improved. However, the RSI remained near the middle of its range. Price could still move in either direction.
Immediate resistance lies around $81,300 to $82,000. A sustained recovery above that area could bring the upper Bollinger Band near $84,240 into focus. On the downside, the middle band around $80,274 provides initial support. The lower Bollinger Band near $76,308 follows.
Analyst Ted argued that Bitcoin’s ability to absorb negative developments suggested the bottom is in. Nevertheless, he estimated only a 16% probability of a new all-time high by July 2027. He suggested a record could come later that year. His forecast remains an opinion without an independently established probability model.
CryptoQuant warns the correction may continue
CryptoQuant contributor CryptoZeno offered a more cautious view. He argued the market cycle has not reached conditions typical of a confirmed bottom.
He reported the Bitcoin Cycle Extremes Index fell to 15.8% on its 30-day moving average. That reading placed the market in a “Watch / Mild Pressure” zone. It suggests speculative activity cooled without confirming the correction’s end.
His Cycle Extreme Oscillator remained below the 1.0 threshold. That threshold accompanied stronger market activity in previous cycles. CryptoZeno said the indicators support further consolidation or another decline. A lasting recovery has not yet developed. He identified a sustained recovery in both indicators as necessary evidence.
Key levels to watch
Resistance sits at $81,300–$82,000, then $84,240. Support sits at $80,274 and $76,308. Therefore, traders should watch those levels closely.
