- Bitcoin broke the $80,000 barrierduring the session, printing an intraday high of $81,000 before settling around $78,297.
- Liquidations across the global crypto derivatives market exceeded $950 millionin 24 hours, with more than $560 million stemming from short positions.
- The asset’s total market capitalization stood at around $1.58 trillion, with a reported 24-hour trading volume of $31.67 billion.
The bullish momentum across the crypto market consolidated this Wednesday, November 4, withBitcoin breaking $80,000after early returns from the U.S. midterm elections emerged, reversing the previous drop toward $75,618.
The trading session across the crypto market saw sharp volatility tied to the resolution of the U.S. political landscape. During the early hours of the vote count,the price of Bitcoin pulled back to hit a local floor of $75,618.Buy orders subsequently drove a recovery exceeding 3.7% in 24 hours, pushing the valuation above the psychological $80,000 mark and setting a temporary peak of $81,000.
Know when your
coins move
Alerts, real-time prices, and market news — all in one app
Point your phone camera to install
4.8 based on 40K reviews in the App Store and Google Play
At the time of writing, market data from CoinMarketCap and aggregator platforms show an intraday technical pullback,leaving Bitcoin trading around $80,674, following profit-taking after the break above $80,000.
This price swing triggered a cascade of forced liquidations across major futures exchanges.
According to CoinGlass liquidation heatmaps,the total amount liquidated across the network exceeded $951 million over the past 24 hours.Of that figure, more than $560 million corresponded to short liquidations (bearish bets), which were abruptly wiped out as the price pierced the $79,500 resistance level and accelerated toward $81,000.
Meanwhile, data tracked byBinanceandCoinMarketCapreveal that liquidations across the broader market climbed more than 20% compared to the previous session, reflecting leverage rebalancing as immediate electoral uncertainty faded.
Electoral Impact and Derivatives Volume Trends
Confirmation ofU.S. Congressionaloutcomes shifted behavior among both institutional and retail traders.Prediction marketreactions initially reflected caution regarding seat distribution across the legislative branch. However, easing risks of political gridlock alongside a positive opening acrossWall Streetequity indices coincided with the asset’s rally.
Market reports from Investing.com indicate that Bitcoin’s advance pulled leading altcoins higher. Ether posted a 4.1% increase to trade above $2,380, while tokens such asSolanaandCardanogained over 2% within the same window.
Despite the surge above$80,000, fund flow metrics show notable divergences.
According to market analysis fromBitfinex, cumulative net flows into U.S. spot Bitcoin exchange-traded funds (ETFs) have registered recent outflows, keeping the spot market’s absorption capacity under close watch against speculative derivatives activity.
Bitcoin’s 24-hour trading volume reached $31.67 billion, representing a volume-to-market-cap ratio of 2.01% Circulating supply remains at 20.11 million coins, while order books place immediate support levels within the $75,600 to $75,700 band
Market participants now turn their focus to theFederal Reserve’supcoming monetary policy meeting and the release of official U.S. Consumer Price Index (CPI) figures scheduled for next week.
