Bitcoin Smashes $75K, Shorters ‘Rekt’!

Millions in short positions in Bitcoin were wiped after it reached a new ATH on Nov. 6.

Danielle du Toit
November 06, 2024

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Close to $180 million in short positions in Bitcoin have been wiped as it hit a new ATH.

Bitcoin reached a new all-time high of just over $75,000 on Coinbase on Nov. 6, surpassing its previous peak of $73,679 that was set in March earlier this year.
According to Swyftx lead analyst Pav Hundal, the crypto market is seeing very intense buy activity as traders are optimistic about a potential "crypto summer" resurgence.
Derive founder Nick Forster believes that although election-driven volatility may have peaked, the market is still expecting daily price fluctuations of 4-5% as the election results are finalized.

Elizabeth Warren won her third Senate term in Massachusetts after defeating crypto advocate John Deaton in a landslide.

Senator Elizabeth Warren secured a landslide victory with approximately 74% of the votes. She will now extend her tenure that began in 2013.
Warren's popularity stems from her advocacy for consumer rights, stricter financial regulations, and her very strong stance against the cryptocurrency industry.
Her opponent, attorney John Deaton, rallied support from the crypto community, and even received impressive financial backing from Gemini’s Tyler and Cameron Winklevoss and Ripple Labs.

CoinGlass data revealed that the iShares Bitcoin Trust (IBIT) saw an outflow of $44.2 million on Nov. 5.

It was only the sixth day in its short history that the ETF saw a net outflow, and its first since Oct. 10 when $10.8 million left the fund.
U.S. spot Bitcoin ETFs collectively saw net outflows totaling $116.8 million, with the Fidelity Wise Origin Bitcoin Fund (FBTC) seeing the largest outflow at $68.2 million.
The Bitwise Bitcoin ETF (BITB) was the only fund that recoded inflows, with $19.3 million added.

Analysts believe it is possible for Bitcoin to now potentially target $95,000 or even $120,000.

CryptoQuant analyst CoinLupin pointed out Bitcoin’s MVRV ratio which currently stands at 2. This indicates that Bitcoin's market value is double its on-chain value, which is a sign of bullish market sentiment.
The MVRV ratio also surpassed its 365-day and four-year averages, which signals a solid uptrend in Bitcoin's market cycle.
Additionally, independent analyst Mags noticed a “buy” signal from the Bitcoin hash ribbon. This is also a historically reliable indicator for strong upward price movements.

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