Bitcoin has once again crossed the critical $80,000 mark, propelled by a wave of increased buying. After dipping to approximately $75,600, the world’s most valuable cryptocurrency rebounded to trade at $80,300 as of November 5. This represents a gain of over 3% in the last 24 hours.
Pockets of Recovery Across the Market
During the same period, Ethereum experienced a 5% increase, climbing to $2,421. Meanwhile, XRP, Solana, and BNB also saw gains between 2% and 4% over the past day. These signs of recovery, however, were not mirrored by Shiba Inu, which remained under pressure, indicating that the weakness was more localized to specific altcoins rather than the market as a whole.
The surge was primarily driven by the liquidation of short positions. According to CoinGlass data, nearly $378 million worth of shorts were closed in just an hour, with total liquidations reaching $747 million.
Kısa pozisyonların hızla kapanması fiyatı yukarı taşıdı, ancak bu hareket tek başına kalıcı yeni talebin oluştuğunu göstermiyor.
Shifts in ETF Fund Flows
Simultaneously, the trend in spot Bitcoin ETFs has shifted. Data from Farside shows a net outflow of $1.16 billion from October 30 to November 3 was countered by a net inflow of $74.6 million on November 4. However, not all movements were positive, as BlackRock’s IBIT fund recorded a $201.2 million outflow the same day.
Farside is a notable provider tracking these spot Bitcoin ETF flows, offering insights into funds that provide exposure to Bitcoin price movements without owning the cryptocurrency itself.
CryptoQuant analyst CryptoZeno remarked that the correction might not be over, with the Bitcoin Cycle Extremes Index showing a 30-day average level of 15.8%.
Bitcoin Resilient as Shiba Inu Lags
Bitcoin buyers managed to defend the crucial range between $76,000 and $77,000, surrounding the 200-day moving average, and subsequently regained momentum above short-term moving averages. The Relative Strength Index climbed to 51, indicating an improvement in momentum. However, a decisive trend reversal is not yet confirmed.
Conversely, Shiba Inu failed to demonstrate a similar recovery, trading around $0.00000475 and remaining significantly below the $0.00000620 level seen in September. This drop below the rising support line voided its previous positive technical setup.
SHIB continues to trade below key moving averages, which are now more resistance than support. The immediate resistance range is between $0.00000510 and $0.00000530, with a stronger selling territory around $0.00000550.
Although the Relative Strength Index approaches oversold territory, there are no clear signs yet of sustained accumulation that would support a stronger recovery in Shiba Inu.
