Can Bitcoin really hold the $80,000 level this time?
This rebound has pulled the price back to the key level that kept frustrating traders throughout late October.
Remember when Bitcoin plunged below $80,000 on October 24? More than $200 million in leveraged positions were liquidated in just one hour, and the vast majority of those caught out were long traders. After barely managing to hold around $80,800 on the 28th, the price was then sent crashing below $78,000 the next day when news of Binance’s black swan event broke.
By Wednesday, the market had briefly dipped to around $75,700. Then a wave of bullish options buying came in to scoop up the dip, pushing the price back above $78,300. But here’s the catch: 78.2% of the liquidations during this rebound came from short positions. In other words, the passive momentum from a short squeeze is now nearly spent. To truly establish a foothold above $80,000, fresh spot buying needs to step in and take over.
Otherwise, if Bitcoin loses $80,000 again, we could see a repeat of the late-October bloodbath for long traders. After all, according to data from BeInCrypto, BTC has already fallen 36.2% from its all-time high of $126,080, set on October 6, 2025. Closing such a large gap with short covering alone would be a drop in the bucket; we need to see a steady stream of real money flowing into spot markets.
This rebound has pulled the price back to the key level that kept frustrating traders throughout late October.
Remember when Bitcoin plunged below $80,000 on October 24? More than $200 million in leveraged positions were liquidated in just one hour, and the vast majority of those caught out were long traders. After barely managing to hold around $80,800 on the 28th, the price was then sent crashing below $78,000 the next day when news of Binance’s black swan event broke.
By Wednesday, the market had briefly dipped to around $75,700. Then a wave of bullish options buying came in to scoop up the dip, pushing the price back above $78,300. But here’s the catch: 78.2% of the liquidations during this rebound came from short positions. In other words, the passive momentum from a short squeeze is now nearly spent. To truly establish a foothold above $80,000, fresh spot buying needs to step in and take over.
Otherwise, if Bitcoin loses $80,000 again, we could see a repeat of the late-October bloodbath for long traders. After all, according to data from BeInCrypto, BTC has already fallen 36.2% from its all-time high of $126,080, set on October 6, 2025. Closing such a large gap with short covering alone would be a drop in the bucket; we need to see a steady stream of real money flowing into spot markets.
