Bitcoin back above $80,000 after Democrats win both chambers of Congress

Published 5 November 2026 · by Hunt4Coin

Bitcoin climbed back above $80,000 on 4 November 2026, a day after dipping below $76,000, as short sellers were forced out and markets absorbed a Democratic sweep of both chambers of the US Congress in the midterm elections.

Prices

Bitcoin (BTC): above $80,000 late on 4 November (about $80,380 in CoinDesk's snapshot), up roughly 4% in 24 hours, after dipping toward $75,600 in Asian trading. Resistance traders watch is around $80,800–82,000.
Ethereum (ETH): about $2,420, up roughly 5–6% in 24 hours.
Others: Solana about $96, XRP about $1.31.
Total crypto market value: about $2.6–2.7 trillion, depending on the snapshot. Reuters noted the market had lost about $300 billion over the past month before the rebound.

Live prices and exchange candle charts: Bitcoin, Ethereum, Solana, XRP.

A short squeeze

The jump came quickly: more than $378 million of short positions were liquidated in a single hour on 4 November (CoinGlass data reported by InteractiveCrypto). When many traders bet on a fall with borrowed money, a sharp rise forces their positions closed, which adds buying and can push the price further in a short time.

Democrats win the House and Senate

Democrats won majorities in both the Senate and the House in the 3 November midterm elections, Reuters and CoinDesk reported. The crypto industry had spent more than $300 million backing candidates of both parties over this and the previous cycle.

Analysts quoted by CoinDesk and Reuters said a Democratic Congress could slow crypto market structure legislation: the CLARITY Act already needed Democratic votes and stalled 49 to 50 in the Senate in September. One analyst pointed to 18 January 2027, when the GENIUS stablecoin law takes effect, as the more important date for crypto payments. Early on 4 November crypto dipped on the result, before recovering later in the day.

ETF outflows: a third day, but smaller

US spot Bitcoin ETFs had net outflows of $115.56 million on 3 November (SoSoValue data), the third session of withdrawals in a row since 30 October, but about 71% smaller than the day before. BlackRock's IBIT lost about $95.0 million and Grayscale's GBTC about $52.6 million, while Bitwise's BITB took in about $21.9 million. Total net assets of the Bitcoin ETFs were about $99.2 billion.

Binance and macro

Binance: after reopening withdrawals following last week's roughly $6 billion hack, customers had withdrawn a net $4.72 billion by 3 November, according to Reuters. Background: our 2 November report.
US jobs: the ADP report showed private employers added 86,000 jobs in October, more than the 67,000 expected. The official October jobs report is due on Friday, 6 November, and the Fed's next decision is on 9 December.
Dollar and yields: the US dollar index fell to about a one-month low near 101.4, while the 10-year Treasury yield stayed near 4.93%.

How to follow it

Fast moves like this show up first on short timeframes. You can watch Bitcoin's exchange candles from 1 minute up, see which of the top 100 coins just flipped Supertrend or crossed MACD in the free crypto screener, or set price alerts at the levels you care about. Before acting on a pattern, backtest it with fees.

Information only, not financial advice. Prices move quickly; check the live charts before acting.