Bitcoin Back Above $80,000 as $468 Million of Shorts Get Wiped Out: Can BTC Clear Its Pre-Hack High?

Bitcoin news turned to a short squeeze on Wednesday, November 4, as BTC closed above $80,000 for the first time since the October 29 Binance hack. A jump at the US stock market open forced traders to close $468.5 million of short bets. Bitcoin trades at $80,550, up 2.7% in 24 hours. ETH USD price did better, rising 4.4% to $2,427. The move came in two steps. BTC went from $78,321 at 14:30 UTC, when New York opened, to $79,559 within 15 minutes, then pushed to $81,196 by 15:15 UTC. Earlier the same day, it had dropped to $75,736, so Wednesday’s range was more than 7%. Most of the traders caught out were betting on a fall. That matters, because a rally fed by forced short covering can fade once the buying stops. Bitcoin is resilient. pic.twitter.com/qUHWw2uwnt — CZ 🔶 BNB (@cz_binance) November 4, 2026 Discover: Cboe and Citadel Sue to Stop US Stock Perps Hours After the CFTC Approved Them: Why Hyperliquid’s $5 Billion-a-Day Market Has the Most at Stake How Big Was the Short Squeeze? CoinGlass counted $715.6 million of crypto futures liquidations over 24 hours, and 65.5% of them, or $468.5 million, were shorts. Some 99,879 traders were liquidated. Liquidation Heatmap Bitcoin led with ...