Bitcoin breaks $80K as crypto shorts lose $378M in one hour

Bitcoin is retesting its August breakout level, according to Glassnode. Short-term holders' profit share has dropped to 38%, and the market is less stretched. Bitcoin closed near its True Market Mean of $77.7K. Short positions have increased, with liquidation clusters near $73K-$76K and $87K. US spot Bitcoin ETFs saw $1B in net outflows. Bitcoin's performance is compared to the S&P 500 and gold. Glassnode notes the $73K-$76K band as a key level to watch.

Bitcoin rose over 4% to $80,500 on Wednesday, recovering from a seven-week low, as U.S. equities rebounded following the midterm elections. Democrats' strong performance reshaped Washington's balance of power. Oil prices fell sharply, with WTI crude dropping below $93. Riot Platforms (RIOT) surged after reporting better-than-expected Q3 results and announcing a major AI lab lease deal.

Bitcoin rose to $80,500, up 3.8% in 24 hours, recovering from a midterm dip. Short sellers faced $560M in liquidations. Experts predicted post-midterm market strength. Democrats' control may impact crypto policy.

Bitcoin rose 4.5% to $80,600, while Ethereum gained 7% to $2,435, as a weaker dollar and Democratic midterm wins boosted risk assets. The rally followed a month-long crypto market decline, with Bitcoin's surge potentially forcing short sellers to cover positions. Key levels to watch include $80,000 for support and $82,000-$83,000 for further gains. Institutional inflows remain weak, and political uncertainty persists.

Bitcoin rose to $80,500 on Wednesday after initially dropping below $76,000 due to Democratic midterm election wins. It recovered alongside US stock indexes, with the Nasdaq and S&P 500 gaining 2.2% and 1.8%, respectively. Options traders bet on a rebound, and Treasury yields eased as rate hike expectations faded. Bitcoin is still down 41% from its October 2025 high, and ETFs saw outflows.

Bitcoin fell below $76,000 post-midterms but recovered to $80,500, up 4% in 24 hours. Zcash, Ether, and Chainlink also saw gains. Analysts attribute the recovery to reduced political uncertainty. Democrats' control of Congress may pose challenges for crypto legislation, but market impact is uncertain.