Bitcoin Reclaims $80,000 as Crypto Market Rallies, but Shiba Inu (SHIB) Struggles

Bitcoin has reclaimed the $80,000 level, leading a broader cryptocurrency market recovery while Shiba Inu struggles to regain upward momentum. The contrasting performance highlights persistent weakness in SHIB despite substantial gains across several major digital assets.

Bitcoin Rebounds Above $80,000 as Short Liquidations Accelerate

Bitcoin traded near $80,300 on November 5, gaining more than 3% within 24 hours following its decline toward $75,600. The recovery coincided with substantial short liquidations and renewed institutional buying through spot Bitcoin exchange-traded funds.

Also Read: XRP Price Eyes Major Breakout as Analyst Reveals Critical $1.30 Level

According to CoinGlass data, approximately $378 million in short positions faced liquidation within one hour. Total cryptocurrency liquidations subsequently reached approximately $747 million, reflecting significant pressure on traders betting against rising prices.

Meanwhile, Ethereum outperformed Bitcoin, advancing approximately 5% to $2,421 as buying activity spread across major cryptocurrencies. XRP, Solana, and BNB also recorded gains ranging between 2% and 4% during the same period.

Institutional investment flows provided another positive development as spot Bitcoin ETFs returned to net inflows on November 4. According to Farside Investors, these funds attracted approximately $74.6 million following three sessions of substantial withdrawals.

Previously, investors withdrew approximately $1.16 billion across October 30, November 2, and November 3. Despite the overall improvement, BlackRock’s IBIT recorded $201.2 million in withdrawals during the November 4 session.

CryptoQuant analyst CryptoZeno cautioned that Bitcoin’s correction might remain incomplete despite the recovery. The analyst identified a 15.8% reading on the Bitcoin Cycle Extremes Index’s 30-day average.

Technically, Bitcoin recovered from support near its 200-day moving average between $76,000 and $77,000. Its relative strength index also climbed toward 51, suggesting improving momentum without confirming a sustained bullish reversal.

Shiba Inu Remains Under Pressure Despite Broader Market Recovery

Shiba Inu failed to match the broader cryptocurrency recovery, trading near $0.00000475 amid persistent selling pressure. The meme coin remained considerably below its September highs near $0.00000620, reflecting its prolonged downward movement.

Significantly, SHIB broke below its ascending support trendline, weakening the technical structure that previously supported potential price gains. The cryptocurrency also remained beneath major moving averages, which now represent potential resistance during recovery attempts.

Technical indicators identified immediate resistance between $0.00000510 and $0.00000530, where sellers could challenge renewed buying activity. A stronger resistance barrier stands near $0.00000550, requiring additional momentum for a sustained recovery.

Source: TradingView

Meanwhile, SHIB’s relative strength index approached oversold territory as selling pressure weighed on market performance. Despite this development, available technical indicators have not established convincing evidence of sustained accumulation.

The contrasting price movements show that Bitcoin’s recovery has not translated into equivalent gains across every cryptocurrency. Shiba Inu remains vulnerable to additional weakness unless buyers reclaim important resistance levels and restore upward momentum.