Bitcoin Breaks Through US$80,000; Dollar Weakness Fuels Rally!

The price of Bitcoin (BTC) surged sharply during trading on Thursday (November 5, 2026), successfully breaching the psychological level of US$80,000. The world’s largest cryptocurrency was trading at approximately US$80,760, up about 4.8% over the last 24 hours. Bitcoin reached a high of US$81,004, having previously traded around the US$75,695 mark. This rally reflects growing investor appetite for risk assets, driven by an improvement in global financial market sentiment.

Bitcoin’s rise was bolstered by a weakening US dollar, following a Democratic Party victory in the midterm elections that shifted the political balance in Congress. This outcome has fueled expectations that some of President Donald Trump’s fiscal policies may face hurdles, putting downward pressure on both the dollar and US Treasury yields. Furthermore, a decline in global oil prices has eased inflation concerns, boosting investor optimism regarding the outlook for risk assets, including Bitcoin.

The rally was further accelerated by a "short squeeze"—a scenario where traders who had bet on a price decline were forced to buy back the asset to limit their losses. This dynamic amplified the upward momentum in the crypto market. Meanwhile, interest from institutional investors has shown signs of recovery, with US spot Bitcoin ETFs recording a net inflow of approximately US$74.6 million on November 4. These developments signal that investor confidence in Bitcoin is rebounding following the selling pressure seen in earlier sessions.

Newsmaker notes that Bitcoin’s successful return above the US$80,000 level points to a resurgence in bullish momentum, supported by a weaker US dollar and improved global market sentiment. However, the sustainability of this upward trend remains dependent on the direction of the Federal Reserve’s (The Fed) monetary policy, particularly ahead of the release of the Non-Farm Payrolls (NFP) data on Friday (November 6, 2026). If Bitcoin can hold above US$80,000 and break through the US$81,200 resistance level, the rally could potentially extend toward US$82,000. Conversely, if the US labor market data reinforces expectations for an interest rate hike, Bitcoin risks a correction toward the US$78,000 area.