Key Takeaway Bitcoin (BTC) climbed above $80,200 on Thursday, extending its rally after clearing the 50-day, 100-day and 200-day exponential moving averages (EMAs). U.S. spot bitcoin ETFs recorded $74.57 million in net inflows on Wednesday, ending three straight days of withdrawals. BTC faces its next major resistance at $85,000, while the 50-day EMA near $80,172 provides immediate support. Bitcoin (BTC) extended its rally on Thursday, climbing above $80,200 as a wave of short liquidations and reflows into US bitcoin spot funds (ETFs) helped boost market sentiment. The leading cryptocurrency was trading around $80,200 after closing above its major exponential moving averages during the previous session. The rebound follows heightened volatility in cryptocurrency derivatives markets, where about $694.40 million in leveraged positions were liquidated over 24 hours. Short positions accounted for the majority of these liquidations, indicating that traders who had bet on further declines were forced to unwind their positions as Bitcoin reclaimed the psychological $80,000 level. Institutional demand also showed early signs of stabilizing, with spot bitcoin ETFs attracting $74.57 million in net inflows on Wednesday after three consecutive days of outflows. Meanwhile, the results of the US mid-term elections contributed to improving sentiment among risk-sensitive assets, supported by lower oil prices and easing bond yields. Bitcoin rebounds as US midterm election results raise risk appetite Bitcoin's rally has gained momentum following the US midterm elections, in which Democrats have secured control of both the House and Senate. The results presented an environment of divided government, which could limit President Donald Trump's ability to advance certain legislative and fiscal priorities without the support of Congress.

Key Takeaway Bitcoin (BTC) climbed above $80,200 on Thursday, extending its rally after clearing the 50-day, 100-day and 200-day exponential moving averages (EMAs). U.S. spot bitcoin ETFs recorded $74.57 million in net inflows on Wednesday, ending three straight days of withdrawals. BTC faces its next major resistance at $85,000, while the 50-day EMA near $80,172 provides immediate support. Bitcoin (BTC) extended its rally on Thursday, climbing above $80,200 as a wave of short liquidations and reflows into US bitcoin spot funds (ETFs) helped boost market sentiment. The leading cryptocurrency was trading around $80,200 after closing above its major exponential moving averages during the previous session. The rebound follows heightened volatility in cryptocurrency derivatives markets, where about $694.40 million in leveraged positions were liquidated over 24 hours. Short positions accounted for the majority of these liquidations, indicating that traders who had bet on further declines were forced to unwind their positions as Bitcoin reclaimed the psychological $80,000 level. Institutional demand also showed early signs of stabilizing, with spot bitcoin ETFs attracting $74.57 million in net inflows on Wednesday after three consecutive days of outflows. Meanwhile, the results of the US mid-term elections contributed to improving sentiment among risk-sensitive assets, supported by lower oil prices and easing bond yields. Bitcoin rebounds as US midterm election results raise risk appetite Bitcoin's rally has gained momentum following the US midterm elections, in which Democrats have secured control of both the House and Senate. The results presented an environment of divided government, which could limit President Donald Trump's ability to advance certain legislative and fiscal priorities without the support of Congress.