Bitcoin tops $80k as $694m liquidation wave fuels recovery toward $85k

Bitcoin climbed above $80,200 on Thursday, extending a recovery after it closed above its 50-day, 100-day and 200-day exponential moving averages, which traders use to gauge market direction. Over the prior 24 hours, about $694.40 million in cryptocurrency derivatives positions were liquidated, according to CoinGlass, with short positions accounting for roughly 70%, or about $556 million. US spot Bitcoin ETFs recorded $74.57 million in net inflows on Wednesday, ending three consecutive days of withdrawals. The move followed US midterm elections in which Democrats won control of both the House and Senate, improving sentiment across risk-sensitive assets; Bitcoin’s next resistance is at $85,000, with immediate support at the 50-day EMA near $80,172.