Bitcoin Defends $80,000 Level While Shiba Inu Lags Behind
Key Summary
Bitcoin climbed back above $80,300 on Tuesday following $747M in derivative liquidations across major exchanges, while Shiba Inu faced continued selling pressure and broke below its ascending trendline. Spot Bitcoin ETFs posted a $74.6M net inflow on November 4, halting a prior $1.16B outflow streak, though analysts highlight that short covering alone does not confirm sustained spot demand.
Key Bullets
- Bitcoin surged back above $80,300 on November 5, registering a 3% daily gain after holding the $76,000 to $77,000 zone.
- CoinGlass order data confirmed that $378M in short positions liquidated within a single hour during the volatility.
- Spot Bitcoin ETFs recorded $74.6M in net inflows on November 4, according to Farside Investors tracking data.
- Shiba Inu trades near $0.00000475 with an RSI nearing oversold territory and immediate resistance sitting near $0.00000510.
Derivatives Liquidations Trigger $80,000 Rebound
Bitcoin surged past $80,300 Tuesday morning after derivative traders liquidated $378M in leveraged short positions in a single hour. Total liquidations reached $747M across global order books, according to market data compiled by CoinGlass. Spot Bitcoin ETFs halted an extensive outflow streak that drained $1.16B from the funds between October 30 and November 3. Farside Investors reported a net inflow of $74.6M on November 4, even as BlackRock's IBIT fund posted $201.2M in net outflows that same session.
Buyers successfully defended the $76,000 to $77,000 region near the 200-day moving average. Price action pushed back above shorter-term moving averages while the daily RSI ticked up to 51.0. Short covering drove the initial bounce.
Shiba Inu Fails to Catch Bid
While major assets like Ether, Solana, and XRP posted gains of 2% to 5% over a 24-hour window, Shiba Inu suffered persistent selling pressure. Order books on major CEX platforms show SHIB changing hands near $0.00000475, down significantly from September highs around $0.00000620.
The token broke through its ascending support trendline, destroying its previous technical structure. Major moving averages now function as overhead resistance rather than structural floors. The nearest resistance ceiling sits between $0.00000510 and $0.00000530.
Analysts Question Sustainability of Rally
CryptoQuant tracking data indicates the Bitcoin Cycle Extremes Index sits at 15.8% on its 30-day average. Market observers note that short covering lacks the backing of sustained organic spot accumulation. Order book depth remains thin across key venues.
Traders await further confirmation before committing capital to long exposure. The market correction might persist.
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