Analysis: Bitcoin holds steady above $80,000, short squeeze drives rebound, bullish sentiment intensifies

Analysis: Bitcoin holds steady above $80,000, short squeeze drives rebound, bullish sentiment intensifies

2026-11-05 19:34

ChainThink News, November 5, according to CoinDesk, Bitcoin remained above $80,000 after rising on Wednesday, with a gain of approximately 2.5% over the past 24 hours, reaching around $80,250;

Ethereum declined by 0.4% during the same period, while the CoinDesk 80 Index rose by 0.9%. During Wednesday's market rebound, U.S. spot Bitcoin ETFs recorded net inflows of $74.6 million, ending three consecutive days of net outflows.

The derivatives market saw a 53% increase in cryptocurrency futures liquidations over the past 24 hours, reaching $715 million, with approximately 65% attributed to short-side liquidations. Bitcoin liquidations amounted to $267 million, of which about 93% were from short positions.

Bitcoin open interest increased only 0.3%, while prices rose 2.6% over the same period; one-week options skew dropped from approximately 11% the previous day to around 2%. Data indicates that this rally was primarily driven by short-covering, with limited new long-position capital entering the market.

Disclaimer: Contains third-party opinions, does not constitute financial advice

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