Bitcoin reclaims $80,000 as short squeeze liquidates $468 million shorts
Bitcoin surged above $80,000 in a short squeeze on Wednesday, November 4, closing above this level for the first time since the October 29 Binance hack. A rally at the US stock market open triggered $468.5 million of short liquidations, lifting BTC to $80,550, up 2.7% in 24 hours. ETH rose 4.4% to $2,427.
Price action: BTC moved from $78,321 at 14:30 UTC to $79,559 within 15 minutes, then to $81,196 by 15:15 UTC. Earlier in the day, it had dropped to $75,736, creating a range above 7%.
Bitcoin is resilient. pic.twitter.com/qUHWw2uwnt
— CZ 🔶 BNB (@cz_binance) November 4, 2026
Short Squeeze Scale
Total futures liquidations over 24 hours: $715.6 million, with 65.5% ($468.5 million) from shorts, affecting 99,879 traders, according to CoinGlass.
Liquidation Heatmap
By asset: Bitcoin liquidations totaled $267.1 million with 93.4% shorts. Ether liquidations totaled $197.5 million with 58.1% shorts. Binance processed 39.3% of liquidations. The largest single order was an ETH long of $38 million closed on HTX at $2,429.33.
Open interest on OKX: BTC futures OI rose to $3.88 billion during the move, then fell to $3.74 billion by midnight UTC, indicating position closing rather than new entries.
Positioning: The OKX long-to-short account ratio for BTC dropped from 1.84 at 11:00 UTC Wednesday to 1.52 Thursday morning, signaling more accounts are positioning against the rally.
BTC Price Analysis
Spot context: BTC sits near its 20-day EMA at $80,006 and 50-day EMA at $80,166. The $80,000 area acts as initial support and a psychological level.
BTCUSDT 1D chart. Source: TradingView
| Outlook | Trigger | Level to watch |
|---|---|---|
| Rebound | A daily close above the October 29 high at $81,971 | $84,898, the October 21 high |
| Holding pattern | Price stays between $80,000 and $81,971 | Range trading around $80,600 |
| Sell-off | A daily close back below $80,000 | $77,910, the October 29 low, then $75,736 |
Significance: $81,971 marks the pre-Binance hack level. Reclaiming it would erase the hack-day drop. Options markets show contained expectations: Deribit’s DVOL 30-day volatility index eased to 36.9 from 38.
Next factor: the presence of spot buyers after short covering slows. $80,000 is the pivot that will determine whether this was a breakout or a squeeze.
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The post appeared first on Coinspeaker.
Authors credited by the source: Daniel Francis
Published by Holder based on an external source.
