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Bitcoin (BTC) is back on its feet above the psychologically important $80,000 level after dipping to about $75,600 with the help of a fresh buying interest. Shiba Inu (SHIB) isn't joining the party, though, and stays under substantial selling pressure.
BTC was trading around $80,300 on November 5, up more than 3% over 24 hours. Ether did even better, gaining about 5% to roughly $2,421, so the weakness looks specific to SHIB rather than to the whole altcoin market.
Short Squeeze and ETF Inflows Lift Bitcoin
The jump looks like a short squeeze: about $378 million in short positions were liquidated within a single hour, and total liquidations reached around $747 million, according to CoinGlass. Spot Bitcoin ETFs also stopped bleeding. Outflows of about $1.16 billion across October 30, November 2 and November 3 gave way to a $74.6 million net inflow on November 4, according to Farside, although BlackRock's IBIT still lost $201.2 million that day.
Unfortunately, short covering alone doesn't prove fresh demand, and CryptoQuant analyst CryptoZeno argues the correction may not be over, pointing to the Bitcoin Cycle Extremes Index sitting at 15.8% on its 30-day average.
What Bitcoin Needs From Here
On the daily chart, buyers absorbed the selling near the 200-day moving average in the $76,000–$77,000 support region, and BTC then climbed back above its shorter-term moving averages. The relative strength index (RSI) is around 51, up from weaker readings, so momentum is improving, but a bullish reversal isn't confirmed yet.
Majors Keep Up, SHIB Doesn't
XRP, Solana and BNB added roughly 2–4% over the same 24 hours, but Shiba Inu hasn't managed a proper recovery. SHIB is trading near $0.00000475, well below its September highs around $0.00000620.
The token has also broken below its ascending support trendline, invalidating the previously positive technical structure, and it stays below its major moving averages, which increasingly act as resistance rather than support. The closest resistance zone is around $0.00000510–$0.00000530, while stronger resistance remains near $0.00000550.
Although the RSI is approaching oversold territory, there's not enough evidence of proper accumulation yet.