Bitcoin reclaims $80,000 as post-election rally sweeps crypto markets
Bitcoin climbed back above $80,000 on 5 November after dipping toward $75,700, as crypto markets joined a wider rebound following the US midterm elections.
Bitcoin climbed back above $80,000 on Thursday, 5 November 2026, as cryptocurrency markets staged a broad recovery after a volatile reaction to the results of the United States midterm elections, with improving risk sentiment lifting digital assets alongside equities.
According to CoinDesk, Bitcoin traded at about $80,484 during Asian morning hours, up 5.7 percent over the previous 24 hours, based on CoinGecko data. Gadgets 360 reported Bitcoin at $80,400, while its price tracker put the 24-hour gain at 3.1 percent, and at one point during the session Bitcoin crossed $81,000 as the rally gathered pace.
The recovery followed a sharp sell-off as the election results came into focus. Bitcoin briefly fell toward $75,700 early on Wednesday before buyers returned, a swing that caught bearish traders off guard and triggered about $330 million in short liquidations within a single hour, according to Gadgets 360. TradingView reported nearly $773 million in forced crypto position closures over 24 hours, affecting more than 102,000 traders.
The rebound was not confined to Bitcoin. Ethereum reclaimed $2,400, trading at about $2,420 with a gain of roughly 6.9 percent, while XRP moved above $1.30. Binance Coin traded near $714, Solana at about $95.98 and Dogecoin at $0.077, as major altcoins joined the recovery. Zcash led the gains among the largest tokens, rising 11.7 percent to about $1,318, with $1.2 billion changing hands over the preceding day ahead of a network upgrade expected to shorten transaction confirmation times.
Behind the move was a wider shift in market mood. Democrats won control of both houses of Congress in the midterm elections, and US equities recovered on 4 November as the initial election uncertainty faded. Oil prices fell and the US dollar weakened, restoring appetite for risk-sensitive assets, including cryptocurrencies.
Jeff Mei, chief operating officer at crypto exchange BTSE, told CoinDesk that Bitcoin had rebounded in line with stocks as the market weighed the possibility that the Iran conflict and high oil prices could ease. Analysts quoted by NDTV said Bitcoin's ability to hold above $80,000 would be crucial in determining the next direction for the market, with $79,000 acting as the next support level and $82,000 seen as the level that must be broken for the rally to extend.
But the political backdrop is not unambiguously positive for the crypto sector. Industry figures warned that the incoming Democratic majorities, who take office on 3 January, could complicate the passage of cryptocurrency legislation in its current form, including the CLARITY Act, and increase scrutiny of financial privacy and illicit finance. Gadgets 360 also pointed to $514 million in Bitcoin ETF outflows during November so far as a lingering concern.
The rally comes after a difficult stretch for the market. Short-term holders have been under pressure in recent weeks, with only about 38 percent of Bitcoin short-term-holder supply in profit as of 4 November, against at least 97.5 percent in early October, according to data cited by NDTV. The recovery above $80,000 has therefore been watched closely as a test of whether buyers are willing to step back in after the sell-off.
For now, traders are watching the $80,000 level as the key line in the sand. Bitcoin needs to defend it, while Ethereum and XRP must sustain buying interest around $2,400 and $1.30 respectively, analysts said. The next scheduled macro event is the US October employment report due on 6 November, which could set the tone for risk assets heading into the weekend.
Whether the rebound marks a lasting turn or only a pause in a longer correction remains an open question. A move above $80,000 alone does not establish a lasting trend reversal, and the mix of election relief, easing oil prices and heavy liquidations that drove Thursday's gains could fade as quickly as it arrived. What is clear is that, for the first time in days, buyers have the upper hand.
Figures in this report reflect market data as reported on 5 November 2026, around 15:20 PKT.
This post is market news information only, not financial advice.
More in Crypto & Markets
Photo: A golden Bitcoin coin (file image)
Crypto & MarketsBitcoin sinks below $76,000 to seven-week low as AI stock rout wipes out post-election rally
Bitcoin fell to $75,463, its lowest since mid-September, as a sharp sell-off in AI and chip stocks dragged the Nasdaq to its worst day since April and wiped out more than $1 billion in leveraged crypto bets.
Photo: The Nasdaq tower in New York's Times Square (file image)
Crypto & MarketsNasdaq approves Canary Capital's staked Injective ETF under ticker INJC as INJ jumps
Nasdaq has approved the listing of Canary Capital's Staked Injective ETF, the first US-listed staked product for INJ, with trading to begin once its S-1 registration becomes effective.
Photo: A physical Bitcoin token (file image)
Crypto & MarketsBitcoin surges past $80,000 as a short squeeze wipes out hundreds of millions in bearish bets
Bitcoin climbed back above $80,000 on 4 November, briefly passing $81,100, as forced closures of short positions accelerated the rally after an earlier dip below $76,000.