Bitcoin traded around $80,000 on Wednesday, up roughly 3%, before hovering near $80,200. Its price rose from the day’s low to the high in about twelve hours, a 7.3% swing driven by a short squeeze following the Democratic sweep in Congress. Around $950 million in leveraged crypto positions were liquidated over 24 hours, including $403 million in Bitcoin positions, 76% of which were shorts. The rally coincided with gains in stocks and declines in oil and the U.S. dollar, while U.S. spot Bitcoin ETFs recorded $115.6 million in net outflows on Tuesday, bringing the three-day total to about $1.16 billion. Bitcoin remains about 36% below its $126,080 record high and must hold above the $77,700 and $75,700 support levels to preserve the upward trend established in August.
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