Bitcoin is back above $80,000 after a sharp round trip. It dipped toward $75,700 as early midterm results came in, then recovered within a day as stocks rallied and oil fell.
The bounce was powered by short covering, with around $450 million in crypto shorts liquidated in 24 hours, while spot bitcoin ETFs took in about $75 million after three days of outflows.
My take: this looks like relief, not a fresh trend yet. Futures open interest barely moved and spot demand still looks soft, so holding above $80,000 matters more than the bounce itself.
#Bitcoin $BTC
The bounce was powered by short covering, with around $450 million in crypto shorts liquidated in 24 hours, while spot bitcoin ETFs took in about $75 million after three days of outflows.
My take: this looks like relief, not a fresh trend yet. Futures open interest barely moved and spot demand still looks soft, so holding above $80,000 matters more than the bounce itself.
#Bitcoin $BTC