PEPE and Hyperliquid’s HYPE token enter a pivotal technical stretch after a politically driven Bitcoin short squeeze lifted risk assets. On Nov 4-5, 2026, Democrats won both chambers of Congress, triggering a sharp Bitcoin squeeze that pushed BTC above $81,100. More than $330 million in short positions were liquidated in a single hour, with total liquidations exceeding $415 million. Gold climbed above $4,030 while the US Dollar Index slid to a five-week low.
PEPE led the altcoin pack during the spike, jumping to $0.00000533 before cooling near $0.0000049. Independent analyst Nadim Zidan pointed to whale accumulation, strong retail inflows and a break above short-term exponential moving averages. He also cautioned that memecoin rallies often reverse once volatility cools. PEPE holds above its 50-day average near $0.0000043 and 200-day average near $0.0000039, with RSI at 59 and MACD above its signal line. Bulls need a daily close above $0.0000053 to target $0.0000057; losing support near $0.0000046 could open a slide toward $0.0000042.
For HYPE, on-chain data showed a Hyperliquid wallet beginning with 0xf08 holding about $101 million in leveraged longs across Bitcoin, Ether, HYPE and ZEC. The position recovered from near liquidation to roughly $4.058 million in unrealized profit by Nov. 4, with a daily P&L swing above $5.78 million. The profit remains unrealized, leaving the position exposed to another downswing.
HYPE trades near $83.40, just above its 50-day average around $82.90 and far above its 200-day average near $69.40. RSI sits near 50 while MACD has turned upward. The key floor sits near $81, with a breakdown risking $76; resistance stands near $88, followed by $95. Bitcoin’s direction over the next several sessions will likely set the tone for both tokens.
