Young kid pointing light at the Bitcoin physical coin

Crypto5 Nov, 18:30 UTCGlobal

Bitcoin hovers near $80,000 after post-election rise and Bank of England hike

Bitcoin traded near $79,600 on Thursday as oil rebounded and the Bank of England raised rates. The price keeps stalling at the $80,000 level.

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Photo: Shixart1985, CC BY 2.0, via Wikimedia Commons

Crypto · 5 Nov, 18:30 UTC

Bitcoin rose 2% on November 5 to $79,676 as appetite for risky assets returned after the Democratic Party's midterm win. Money also flowed back into Bitcoin exchange-traded funds, which are funds that hold the coin and trade like stocks. It was the coin's biggest one-day gain since late September.

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By Thursday morning the price had slipped back below $80,000, trading near $79,600. Oil rebounded and the Bank of England raised interest rates that day.

In numbers

$79,676Bitcoin price November 5
2%Bitcoin daily gain
$86,000Kalshi November target

Bitcoin, the past month

$75,851down −11.57%

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The price had bounced sharply from around $75,000 but stalled near $80,000. That leaves it in a short-term corrective pattern, caught between support below and resistance above that buyers have repeatedly failed to clear.

The rest of the story

One analysis points to a battle at $80,000. Another forecast, from the prediction market Kalshi, puts Bitcoin at $86,000 in November. Arthur Hayes has flagged a major downside risk.

People in this story

Arthur Hayes, Crypto figure

MoneyVision newsroom · Published 5 Nov, 18:30 UTC

This article is not investment advice. It was written by our automated newsroom from published reports and official statements, using only the facts in them, and not read by a person before it was published. Report a mistake
Photo: Shixart1985, CC BY 2.0, via Wikimedia Commons

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