Bitcoin surged back above $80,000 on November 4, driven by a dramatic wave of short liquidations that wiped out derivative bets against the digital asset market. According to data from CoinGlass, crypto shorts worth $378.09 million were forcibly liquidated within a single hour, accounting for over 81 percent of all forced closures during that window. The swift upward price movement pushed Bitcoin to trade near $80,470—a notable 4.1 percent gain over 24 hours—rebounding sharply from recent lows near $76,000 recorded following the U.S. midterm election period.
The dramatic rebound follows a period of heavy institutional selling pressure, during which U.S. spot Bitcoin exchange-traded funds recorded $1.16 billion in net outflows across three consecutive sessions. Ethereum similarly mirrored the upward momentum, advancing 6.1 percent over 24 hours to reach $2,428, while total market-wide liquidations touched $914.84 million across more than 117,000 traders.
Market analysts noted that while passive buying support initially established a base between $77,000 and $80,000, overhead selling pressure could emerge as the rally continues. Bitfinex highlighted that approximately 2.26 million Bitcoin were previously acquired at price levels between $81,000 and $85,500, creating a potential resistance zone where investors may look to exit near breakeven points. While forced short liquidations provided the immediate fuel for Bitcoin to break back above $80,000, market observers emphasize that sustained spot demand and consistent ETF inflows will be essential to maintain long-term bullish momentum.
