Bitcoin traded above the $80,000 mark on November 5, diverging significantly from Shiba Inu (SHIB), which remained under distinct selling pressure. CoinGecko listed Bitcoin at $80,245 as of 1
Bitcoin traded above the $80,000 mark on November 5, diverging significantly from Shiba Inu (SHIB), which remained under distinct selling pressure. CoinGecko listed Bitcoin at $80,245 as of 11:13 UTC, recording a 2.16% gain over 24 hours, while U.Today placed SHIB near $0.00000475 in its 09:00 UTC update—well below its September high of around $0.00000620.
According to U.Today, Bitcoin rebounded from a recent low near $75,600 to climb above $80,000, posting more than a 3% advance over a day. This climb coincided with significant activity in the derivatives market, where roughly $378 million in Bitcoin short positions were liquidated within an hour and total market liquidations topped $747 million in that period.
The outlet described the action as indicative of a short squeeze—a situation where a rapid price increase forces traders holding short positions to buy back assets, accelerating the upward move. However, analysts noted that this type of event, driven by short covering, does not necessarily indicate renewed investor demand or a sustainable rally.
Large-scale short liquidations fueled the sharp rebound in Bitcoin prices, yet market analysts remain cautious about interpreting this as confirmation of a broader recovery, citing an absence of clear signs that buyers will sustain the move.
Mini dictionary: Short squeeze, a rapid price rise triggered when traders with short positions are forced to buy back the asset to cover their losses, helping drive prices higher in the process.
Market data cited from Farside indicated inconsistent flows into spot Bitcoin ETFs during the end of October and early November. Over October 30, November 2 and November 3, spot Bitcoin ETFs recorded outflows totaling approximately $1.16 billion. However, on November 4, those products experienced a net inflow of $74.6 million. BlackRock’s iShares Bitcoin Trust (IBIT), one of the largest spot Bitcoin ETFs, saw a $201.2 million outflow that day. The timing differences across these datasets reflect daily volatility.
While Bitcoin and other large cryptocurrencies such as Ethereum (ETH) and Solana (SOL) notched gains of roughly 2%-4% over the same period, Shiba Inu failed to recover. SHIB remained near its recent lows, reinforcing the contrast in its market performance relative to the broader sector.
U.Today noted that Shiba Inu had broken below an ascending support trendline. The coin’s price stayed beneath key moving averages, now acting as resistance, with chart levels placing near-term resistance at $0.00000510 to $0.00000530 and stronger resistance near $0.00000550. The relative strength index (RSI) for SHIB approached oversold territory, yet analysts did not detect substantial accumulation by buyers.
Asset Price 24-hour change Data time, November 5 Bitcoin (BTC) $80,245 +2.16% 11:13 UTC, CoinGecko Ethereum (ETH) $2,418.17 +3.78% 11:13 UTC, CoinGecko Solana (SOL) $96.48 +3.05% 11:13 UTC, CoinGecko Shiba Inu (SHIB) About $0.00000475 Not stated 09:00 UTC, U.TodayThe report highlighted that SHIB’s technical picture remained weak after it slipped below a critical ascending support line, with resistance levels now at $0.00000510 to $0.00000530 and no confirmed signs of investor accumulation.
As of November 5, the Crypto Fear & Greed Index—a widely followed market sentiment gauge developed by Alternative.me—stood at 50, indicating a neutral stance among market participants. For Bitcoin, analysts are watching whether price levels above the 200-day moving average, specifically between $76,000 and $77,000, will continue to provide support. The relative strength index for Bitcoin remained close to 51, below levels typically associated with a confirmed bullish trend.
In the case of SHIB, attention remains on whether the token can reclaim broken trendlines and break through resistance around $0.00000510 to $0.00000530. Analysts maintain that, despite approaching oversold technicals, there is currently no clear signal of a reversal or renewed accumulation.
CryptoQuant analyst CryptoZeno referenced a 30-day average cycle extremes index reading of 15.8% for Bitcoin, suggesting the correction may not have fully concluded. Ongoing ETF inflows and outflows, as well as chart signals, will remain central focal points for traders in the coming days.
The post Bitcoin reclaims $80,000 as Shiba Inu lags, short liquidations trigger rebound appeared first on COINTURK NEWS.
