Bitcoin Tops $81,000, Ethereum, XRP, Dogecoin Also Jump After Midterm Elections: Analyst Says BTC About to 'Flip' Downtrend Into an Uptrend
Aniket Verma 12 hours ago
MarketsNewsCryptocurrency
Leading cryptocurrencies surged alongside stocks on Wednesday, November 4, as markets weighed the Democratic sweep of Congress and possible resolution of the Iran conflict.
Leading cryptocurrencies surged alongside stocks on Wednesday as markets weighed the Democratic sweep of Congress and possible resolution of the Iran conflict.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 8:18 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +4.60% | $80,317.68 |
| Ethereum (CRYPTO: ETH) | +6.70% | $2,415.20 |
| XRP (CRYPTO: XRP) | +3.70% | $1.30 |
| Solana (CRYPTO: SOL) | +4.00% | $95.46 |
| Dogecoin (CRYPTO: DOGE) | +3.70% | $0.07676 |
All Green in Here
Bitcoin topped $81,000 and Ethereum climbed to $2,440 as cryptocurrency markets rallied after a period of stagnation. XRP and Dogecoin also staged sharp upticks.
Cryptocurrency-related stocks, including Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR), closed up 5.09% and 5.85%, respectively.
Over $990 million was liquidated from the cryptocurrency market in the last 24 hours, with Coinglass data showing $577 million in bearish short positions getting wrecked.
Bitcoin’s open interest increased 1.61% over the last 24 hours. Rising open interest alongside a rising price suggests fresh capital and new contracts are entering the market.
Market sentiment flipped from “Fear” to “Neutral,” according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:18 p.m. ET) |
| Injective (INJ) | +10.90% | $7.93 |
| Stacks (STX) | +9.80% | $0.3549 |
| Pearl (PEARL) | +7.60% | $1.57 |
Stocks Market Erupts
The Dow Jones Industrial Average rose 1,569.40 points, or 3.03%, to close at 53,356.12, posting its best session since April 9, 2025, when President Donald Trump paused his reciprocal tariffs. The S&P 500 added 1.58% to end at 7,688.62, while the tech-focused Nasdaq Composite gained 1.44% to settle at 25,736.51.
The rally followed a Democratic sweep of both chambers of Congress, as investors bet that a divided Washington would bring greater political certainty and make major policy changes harder to pass.
The United States Oil Fund (NYSE: USO), which tracks West Texas Intermediate crude oil, plummeted 8% in the session after Vice President JD Vance blamed the GOP’s electoral setback on the Iran war.
One of the things the data analysts on our side obsessed over was "composition"—whether the electorate looked close enough to 2024 for Republicans to win. And despite polls that showed a Democrat blowout, the data kept on telling us the same story: in some states turnout was…
— JD Vance (@JDVance) November 4, 2026
What’s Next for Bitcoin?
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, stated that Bitcoin is about to “flip its downtrend into an uptrend.”
The analyst flagged $79,800 as a key level for strong buyer conviction, with $79,000 as the next support.
“If that doesn’t hold, markets are in trouble,” he added. “If it does, we’ll be in for a big breakout coming in 7-10 days on the markets and the trend to shift back into an uptrend.”
Big breakout on #Bitcoin today after the Democrats have won the midterms.
— Michaël van de Poppe (@CryptoMichNL) November 4, 2026
It's about to flip its downtrend into an uptrend, and there are some levels that are important to watch.
First of all, the best case would be to hold $79,800 as that would mean that buyers are extremely… pic.twitter.com/dmwwPAYpxm
On-chain analytics firm CryptoQuant noted that Bitcoin is now trading almost directly around the Trader On-chain Realized Price—which measures the average price paid by recent market participants rather than long-term holders.
“The reaction from this area may provide useful information about whether the current correction is finding support or whether additional downside pressure is developing,” CryptoQuant added.
Bitcoin Is Testing the Trader Realized Price
— CryptoQuant.com (@cryptoquant_com) November 4, 2026
"If BTC successfully holds around the Trader Realized Price and begins to move away from it again, it would suggest that the average cost basis of recent participants is still functioning as support." – By @TraderGemin pic.twitter.com/YWZGUDo6QB
Photo: Memory Stockphoto / Shutterstock