Bitcoin stormed back above the $80,000 level on November 4, 2026, triggering one of the most aggressive short squeezes in recent weeks. According to CoinGecko, BTC was trading at $80,404, up 4.2% after briefly sliding to $75,695. The rebound lifted Bitcoin’s market capitalization to $1.617 trillion, with daily trading volume of $34.602 billion.
Data from CoinGlass showed that $913.83 million in crypto positions were liquidated over a 24-hour window, impacting 117,302 traders. Bearish bets absorbed the heaviest losses: short positions accounted for $554.27 million of liquidations, versus $359.55 million from longs. That means shorts represented roughly 60.7% of the total wipeout.
Bitcoin itself saw $395.70 million in liquidations, and 75.9% of those losses came from short positions. Ethereum followed with $236.47 million in liquidated positions. Other reports, including commentary from crypto market watchers, put total market liquidations near $933 million, with more than 120,000 traders caught in the move.
The timing of the rally coincided with the release of midterm election results, fueling a shift in sentiment. Some Binance market data indicated $363.67 million in total positions were liquidated across the exchange’s markets, with Bitcoin alone accounting for about $192.26 million. The wave of forced buying by short sellers helped accelerate the upside move.
Perpetual futures open interest for Bitcoin stood at $70.41 billion, underscoring the heavy leverage in the system. Traders are now watching key resistance and support levels as the market digests the short squeeze.
