As of this writing, data from CoinMarketCap and other aggregator platforms indicates a slight technical adjustment in the market, with Bitcoin priced around $80,674 after some traders took profits following its rise past $80,000.
This price movement resulted in a wave of forced liquidations at major futures exchanges.
According to liquidation heatmaps from CoinGlass, the total liquidated value across the network exceeded $951 million in the last 24 hours. More than $560 million of this stemmed from short positions (bearish bets), which were swiftly eliminated as the price broke through the $79,500 resistance and surged toward $81,000.
Additionally, data from Binance and CoinMarketCap indicates that liquidations in the broader market rose over 20% compared to the previous trading session, indicating a reassessment of leverage as immediate electoral uncertainty diminished.
Impact of Elections on Market and Derivatives Activity
The confirmation of results from the U.S. Congress has influenced the trading decisions of both institutional and retail investors. Prediction markets initially showed caution regarding the distribution of seats within the legislative branch. However, the alleviation of political gridlock fears, combined with a positive start for Wall Street equities, aligned with the asset’s upward trend.
Market updates from Investing.com suggest that Bitcoin’s upward trajectory helped lift leading altcoins. Ether increased by 4.1%, trading above $2,380, while cryptocurrencies such as Solana and Cardano experienced gains of over 2% during the same timeframe.
Despite the rally above $80,000, fund flow indicators show some significant disparities.
As per analysis from Bitfinex, cumulative net flows into U.S. Bitcoin spot exchange-traded funds (ETFs) have shown recent outflows, requiring close monitoring of the spot market’s absorption rates in relation to speculative derivatives trading.
In the last 24 hours, Bitcoin’s trading volume was $31.67 billion, representing a volume-to-market-cap ratio of 2.01%, based on CoinMarketCap data. The circulating supply stands at 20.11 million coins, while immediate support levels are identified within the $75,600 to $75,700 range.
Market participants are now keenly awaiting the Federal Reserve’s upcoming monetary policy meeting and the release of official U.S. Consumer Price Index (CPI) data slated for next week.