Bitcoin reclaims $80K as $378M of shorts liquidated in an hour

Bitcoin climbed back above $80,000 on Nov. 4, and shorts worth $378M were liquidated within a single hour. The figure comes from CoinGlass data cited by crypto.news: shorts made up 81% of forced closures in that hour, which totaled $466M.

Details

Our Binance data puts the 24-hour low at $75,736. At 12:40 PM ET BTC traded near $80,450, up 3.6% on the day (24-hour high: $81,196). The overnight slide to a seven-week low followed the US election results, covered in a separate story.

Liquidation totals differ between trackers because of different windows and venues. Crypto Briefing counted $415M over an hour, $330M of it shorts, and more than $510M over 24 hours across 119,000 traders. Per CoinGlass, BTC accounted for $396M of daily liquidations and Ethereum for $237M; ETH rose about 6% to near $2,430.

Crypto.news notes that US spot bitcoin ETFs shed $1.16B over three sessions before the bounce, the most since late June. Daily flows are on our ETF flows page.

What this means for the market

A sharp rally after a jittery night is a classic short squeeze: forced buying from closing positions pushes the price higher. Bitfinex analysts cited by crypto.news see possible selling pressure at $84,000⁠–⁠$85,500, where some holders may look to exit at breakeven.

Whether BTC holds above $80,000 will become clear in the coming days. For the live price see the daily brief; the coin page is Bitcoin.

This is not investment advice.