CyrilXBT|Nov 05, 2026 15:41
Bitcoin just did a full round trip in one day.
The midterm results hit, and BTC dropped to around $75.7K.
Then it ripped back above $80K.
Ethereum did even better.
Up over 6% to $2,420, its highest in two weeks.
Right now:
BTC around $80.4K, up about 4%
ETH around $2,422, up about 6%
What fueled it:
The election uncertainty is finally over.
Oil and bond yields eased.
Stocks rallied hard, with the Dow up 3%.
And about $238M in ETH positions got liquidated, mostly shorts, which fueled the squeeze.
But don't get too excited yet.
Spot Bitcoin ETFs bled over $1B during the recent selloff.
A real recovery needs that money coming back.
Levels I'm watching:
BTC needs to hold $80K and reclaim $82K.
ETH needs to break $2,524 to prove this is real demand and not just a short squeeze.
Bounce or reversal? 👀
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