Bitcoin Climbs to USD 80,400 as Midterm Clarity Sparks Short Squeeze

Key Takeaways

• Bitcoin rose 5.3% to USD 80,417 as US midterm results eased political uncertainty, with short liquidations of roughly USD 830 million to USD 983 million fueling the rally.

• USD 79,000 is the support level and USD 82,000 the breakout trigger. A failed breakout could send Bitcoin toward the USD 76,000 to USD 78,000 zone.

• The Democratic sweep of Congress clouds the CLARITY Act’s path, while the CFTC’s stock perpetuals approval, which drew an immediate lawsuit, and the Binance hack fallout kept the news cycle busy.

Bitcoin climbed to USD 80,417 on Thursday as US midterm results removed a major layer of political uncertainty. The flagship asset added 5.3% over 24 hours, lifting its market value to USD 1.62 trillion.

Short sellers absorbed the heaviest damage as the rally built through the session. Derivatives desks reported liquidations between USD 830 million and USD 983 million over 24 hours. Zcash led the top coins with a 10.9% surge, followed by Ethereum at 7.9%.

Bitcoin Price Today

Bitcoin trades
at USD 80,417.27, up 5.3% over 24 hours and 0.9% across seven days. Market capitalization stands at USD 1.62 trillion, with 24-hour volume at USD 36.18 billion. The one-hour change is flat, which signals consolidation after the sharp morning surge. Buyers now defend the USD 80,000 pivot.

Daily Quote

Prateek Gupta, Head of Business, Mudrex

“Bitcoin has moved back above USD 80,000, gaining around 3% after Democrats secured control of both chambers of the US Congress. The rebound triggered nearly USD 330 million in short liquidations within an hour. Bitcoin needs to break USD 82,000, with USD 78,000 as key support.”

“BTC crossed USD 81K as a broader rally across crypto and equity markets followed the US midterm elections. BTC’s open interest also rose 1.61%, suggesting fresh market participation. USD 80K remains as a crucial level for sustaining bullish momentum, with USD 79K acting as the next support.”

Riya Sehgal, Research Analyst, Delta Exchange

“Bitcoin and Ethereum
rebounded after the U.S. midterm results eased election uncertainty. CoinGlass reported USD 830.69 million in liquidations affecting 106,231 traders. The forced repositioning likely amplified the rebound. BTC needs to hold USD 79,000 and clear 81,700 to 82,000; ETH needs to hold USD 2,397 and break 2,440 to 2,450.”

Nischal Shetty, Founder, WazirX

“Bitcoin’s recovery above USD 80,000 reflects improving risk appetite, although sustained buying will determine whether the rally holds. Total crypto market capitalization reached USD 2.69 trillion, with a trading volume of USD 94.74 billion. For Bitcoin, sustaining USD 80,000 and clearing USD 82,000 would strengthen the recovery case.”

Crypto Prices Today: Top Coins

Biggest Gainers and Losers

Zcash led the top 13 with a 10.9% jump to USD 1,315.82, followed by Ethereum at 7.9%. Solana and Bitcoin advanced 5.6% and 5.3%, while Dogecoin gained 4.8%. Hyperliquid slipped 1.3% and TRON eased 0.5%, the only decliners among the leading coins.

Crypto News Today

Democrats Sweep Congress, Clouding the CLARITY Act Path

Democrats
secured control of both chambers of Congress after Tuesday’s midterm vote. The result adds friction to the CLARITY Act, which already remained stalled in the Senate. House Democrats have begun discussing a new market structure bill with wider SEC authority.

Crypto’s USD 64 million campaign against Sherrod Brown failed, and several pro-crypto candidates lost. A Bitwise tally still counts about 51 pro-crypto senators, while existing stablecoin laws remain in effect. Analysts expect near-term crypto legislation to move more slowly.

CFTC Clears Stock Perpetuals and Faces an Immediate Lawsuit

The CFTC
cleared single-stock perpetual futures for the first time, according to a statement from Chairman Michael Selig. The contracts are classified as security futures products and fall under joint CFTC and SEC oversight. Kalshi has launched the first US single-stock perpetuals.

Cboe and Citadel sued the regulator over the approval the same day. A CFTC spokesman called the suit troubling, arguing markets should be governed by law rather than litigation campaigns. The CME earlier filed a similar challenge over crypto perpetuals.

Binance Traces USD 6.3 Billion Hack to a Fake Job Interview

Binance
traced its USD 6.3 billion October 29 breach to a fake job interview and a compromised software download. The FBI attributed the attack to North Korean group TraderTraitor. Co-CEO Richard Teng said the incident was not a single mistake.

CZ said Binance covered the loss from its own balance sheet without loans or asset sales. Net outflows reached about USD 5.28 billion, and hourly deposits began to exceed withdrawals on November 3. CZ also urged an industry security alliance.

Bernstein Cuts Targets on Seven Bitcoin Miners

Bernstein cut price targets on seven bitcoin miners
by 35% to 54%. The firm cited the Democratic win in the Texas governor race, which raises delay risks for AI data center projects. Texas holds over half of the miners’ planned power capacity.

Cipher’s target fell to USD 15 from USD 23, while IREN dropped to USD 55 from USD 100. Bitcoin gained about 4% that day, which highlights a split between the coin and miner equities. Riot Platforms moved to USD 18 from USD 35.

Justin Sun Seeks Sanctions Against World Liberty Financial

Justin Sun asked a federal court to sanction World Liberty Financial and its lawyers for USD 263,821.20. The filing alleges a misleading ownership disclosure in his USD 45 million WLFI token lawsuit. World Liberty first listed Florida as its only citizenship.

The firm later disclosed UAE citizenship, a move that could push the case out of federal court. WLFI fell about 11% during election night, and Trump-linked tokens lagged Bitcoin’s recovery
. OFFICIAL TRUMP dropped over 20% in 24 hours on CoinMarketCap.

Investor and Market Outlook

Market desks mark USD 79,000 as near-term support and USD 82,000 as the breakout trigger. A failed breakout could pull Bitcoin toward the USD 76,000 to USD 78,000 zone, followed by USD 75,000.

ETF flows
, legislative headlines and the Federal Reserve’s December path will steer sentiment next. Investors may favor staggered entries and modest position sizes until stronger confirmation appears.

1. What is the Bitcoin price today?

Bitcoin trades near USD 80,417.27, up 5.3% in 24 hours. Market capitalization stands at USD 1.62 trillion, and 24-hour trading volume reached USD 36.18 billion as short covering fueled the rebound.

2. Which crypto led gains among the top coins today?

Zcash led the top 13 coins with a 10.9% gain to USD 1,315.82. Ethereum followed with a 7.9% advance to USD 2,422.66, while Solana added 5.6% and Bitcoin gained 5.3%.

3. What moved crypto markets today?

Democratic control of Congress eased election uncertainty and triggered short covering. Liquidations ran between USD 830 million and USD 983 million, according to market desks, while ETF flows and CLARITY Act timing remain key watchpoints.

4. What are the key Bitcoin levels to watch?

Traders track USD 79,000 as support and USD 80,000 as the pivot. A close above USD 82,000 would strengthen the recovery, while USD 76,000 to USD 78,000 marks the downside reference zone.

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