๐ Bitcoin Hits New High of $75K as Short Sellers โRektโ by Spot Demand ๐
๐ฅ Massive Short Liquidations as BTC Soars Past $75,000
Bitcoin surged to an all-time high of $75,000 on November 6, sparking nearly $180 million in short liquidations, with election-driven volatility pushing BTC above its previous record. According to CoinGlass, total crypto market liquidations hit $483.2 million over the past 24 hours, with Bitcoin shorts making up the largest share at $251 million. Swyftx lead analyst Pav Hundal noted, โThe spot market is flying, and shorts are getting rekt,โ attributing the surge to strong spot demand. ๐
๐ Spot Buying Drives Sustained Price Growth
Unlike previous derivative-fueled rallies, this price jump is powered by spot buyingโmeaning investors are purchasing actual BTC instead of trading derivatives. Hundal explained that this demand impacts Bitcoinโs supply directly, supporting long-term price growth and adding significance to this latest rise. ๐
๐บ๐ธ Trump Win Sparks Bullish Sentiment for BTC
The U.S. election has driven notable volatility, with Bitcoinโs rally being partially fueled by a Trump victory, seen by some as favorable for crypto. While short-term fluctuations are expected, analysts suggest that election-related volatility may be easing. CK Zheng, co-founder of ZX Squared Capital, believes a Trump administration could continue to be supportive of crypto markets. ๐
๐ฏ Bitcoin Eyes $100,000 by Q1 2025
Looking ahead, Markus Thielen from 10x Research sees a potential for Bitcoin to reach $100,000 by Q1 2025, driven by institutional demand and positive sentiment. Deriveโs Nick Forster noted that the options market places a 15% chance of BTC crossing $100,000 by year-end, signaling strong long-term expectations. ๐ค
With Bitcoinโs price staying near its record high, the recent spot-driven demand reflects ongoing optimism from investors, with more growth potentially on the horizon amid political and market shifts. ๐
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