{"id":247749,"date":"2026-11-04T20:32:51","date_gmt":"2026-11-04T20:32:51","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=247749"},"modified":"2026-11-04T20:32:51","modified_gmt":"2026-11-04T20:32:51","slug":"bitcoin-price-holds-near-80000-as-democratic-sweep-sparks-short-squeeze","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=247749","title":{"rendered":"Bitcoin Price Holds Near $80,000 as Democratic Sweep Sparks Short Squeeze"},"content":{"rendered":"

Bitcoin Magazine<\/a><\/p>\n

Bitcoin Price Holds Near $80,000 as Democratic Sweep Sparks Short Squeeze<\/a><\/p>\n

<\/div>\n

Bitcoin price traded near $80,000 on Wednesday afternoon, up about 3% on the day and roughly $26,000 below its price one year ago, as markets shook off election-night jitters over the Democratic sweep of Congress<\/a>, according to Bitcoin Magazine Pro <\/em>data. <\/p>\n

Bitcoin changed hands at $80,099 at 3:12 p.m. ET, with a market cap of about $1.61 trillion and roughly $39.6 billion in trading volume over the past 24 hours.<\/p>\n

The low came in the 10 p.m. ET hour on Tuesday, as results showed Democrats taking both chambers. The high came in the 10 a.m. hour on Wednesday. That is a swing of about 7.3% from bottom to top in roughly 12 hours.<\/p>\n

The climb was a short squeeze. About $950 million in leveraged crypto positions were liquidated over 24 hours, and bets against prices made up $560 million<\/a> of that. Bitcoin positions accounted for $403 million of the total, 76% of it shorts.<\/p>\n

CryptoQuant CEO Ki Young Ju wrote<\/a> on X Wednesday afternoon that $215 million in bitcoin shorts were liquidated in a single hour.<\/p>\n

\n

JUST IN: Bitcoin surges to $81,000 pic.twitter.com\/k1bGzrrzCP<\/a><\/p>\n

\u2014 Bitcoin Magazine (@BitcoinMagazine) November 4, 2026<\/a>\n<\/p><\/div>\n

The view among analysts is that the sell-off had already done its work. CoinShares head of research James Butterfill said<\/a> the sweep was largely priced into bitcoin before the vote, leaving room for a relief rally once the uncertainty cleared.<\/p>\n

Lumida CEO Ram Ahluwalia had laid out the same path in a podcast interview the day before the election. A Democratic sweep, he said, would bring \u201ca one and done washout, and that resets where asset prices are.\u201d<\/p>\n

Stocks, oil and a weaker dollar<\/h2>\n

Bitcoin price did not rally alone. The Dow Jones Industrial Average rose about 1,500 points, or 3%, on Wednesday afternoon, while the S&P 500 climbed 1.7% and the Nasdaq Composite gained 1.8%. Apple and Microsoft touched record highs.<\/p>\n

Oil moved the most. Brent crude fell more than 9% to $93.91 a barrel and West Texas Intermediate dropped nearly 9% to $87.59 by 12:36 p.m. ET, CNBC<\/a> reported, after Vice President JD Vance blamed the Republican losses on the Iran war.<\/p>\n

\u201cThe reason we lost is the war,\u201d Vance wrote on X.<\/p>\n

That matters for bitcoin price because crude above $100 has kept inflation hot and the Federal Reserve leaning toward a December hike. The U.S. dollar index fell<\/a> 0.55% to 101.32 in early trading, its lowest since Oct. 1.<\/p>\n

What comes next for bitcoin price<\/h2>\n

Demand from funds has not caught up with the price. U.S. spot bitcoin ETFs shed<\/a> $115.6 million on Tuesday, their third straight session of outflows, with BlackRock\u2019s IBIT losing $95 million. The three-day total comes to about $1.16 billion. Wednesday\u2019s flows will be reported after the U.S. close.<\/p>\n

The policy picture got worse for the industry, not better. TD Cowen\u2019s Jaret Seiberg wrote<\/a> that the sweep makes a crypto-backed CLARITY Act \u201cimpossible,\u201d and the committees that oversee crypto pass to Democrats in January.<\/p>\n

On-chain analysts frame the move as a retest. Glassnode said<\/a> in its Week on Chain report that the bitcoin price is testing the levels it broke above in August, with the True Market Mean at $77,700 and the short-term holder cost basis at $75,700. Holding above them, the firm wrote, keeps the August uptrend in place.<\/p>\n

The calendar stays busy. The October jobs report lands Friday, October CPI follows on Nov. 10 and the Fed\u2019s next decision comes on Dec. 9, as noted<\/a> in Tuesday\u2019s preview. Bitcoin price remains about 36% below its all-time high near $126,080.<\/p>\n

The test now is whether ETF buyers return to carry the price once the shorts are gone. At the time of writing, the bitcoin price is near $80,200. <\/p>\n

This post Bitcoin Price Holds Near $80,000 as Democratic Sweep Sparks Short Squeeze<\/a> first appeared on Bitcoin Magazine<\/a> and is written by Micah Zimmerman<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin Magazine Bitcoin Price Holds Near $80,000 as Democratic Sweep Sparks Short Squeeze Bitcoin price traded near $80,000 on Wednesday afternoon, up about 3% on the day and roughly $26,000 below its price one year ago, as markets shook off election-night jitters over the Democratic sweep of Congress, according to Bitcoin Magazine Pro data. Bitcoin […]<\/p>\n","protected":false},"author":0,"featured_media":247750,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-247749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/247749"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=247749"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/247749\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/247750"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=247749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=247749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=247749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}