The Crypto Rally gained pace on Wednesday as digital assets bounced back from overnight losses. The dip came after Democrats won control of both houses of the US Congress in the midterm elect
The Crypto Rally gained pace on Wednesday as digital assets bounced back from overnight losses. The dip came after Democrats won control of both houses of the US Congress in the midterm elections.
The total crypto market cap rose 2.0% to $2.79 trillion. Bitcoin (BTC) gained 3.10% to about $80,580, after sliding toward $75,700 during the vote count.
Ethereum (ETH) climbed 5.20%. XRP rose 3%, Cardano added 3.4%, and Solana, BNB, and Dogecoin each gained about 2% to 3%.
The first reaction was caution. A Democratic-controlled Congress could make crypto rules tougher, since most pro-crypto laws of the past two years had Republican backing.
Still, some Democrats favor a light-touch approach. The crypto sector also spent more than $300 million backing friendly politicians from both parties in roughly equal measure.
Macro news helped too. Falling crude oil prices eased inflation worries, which means less pressure on the Federal Reserve to keep rates high. A weaker US dollar added support.
CoinGlass data shows $715.13 million in liquidations over 24 hours, hitting 99,681 traders. Shorts took the bigger loss.
Metric
Value
Total liquidations (24h)
$715.13 million
Short liquidations
$468.09 million (65.5%)
Long liquidations
$247.04 million
BTC liquidations
$267.13 million (93.4% shorts)
ETH liquidations
$197.53 million (58.1% shorts)
Largest single order
$38 million, ETH-USDT on HTX
Traders betting against Bitcoin felt the most pain. Binance had the largest exchange share at 39.3%.
The Crypto Fear and Greed Index rose to 50 on November 5, 2026. That is neutral. It was 34 (fear) a day earlier and 51 last week.
Last month, the reading was 73, which showed strong greed. So the mood has cooled, but the Crypto Rally has pulled it off the lows.
BTC is holding near $80,580. Buyers need to defend the $80,000 to $80,500 zone first.
Scenario
What Needs to Happen
Levels in Focus
Bullish
BTC holds $80,000 to $80,500
$82,000 to $84,000, then $86,000
Bearish
Rejection at $82,000 to $84,000
$78,000, then $76,000
Deeper drop
Break below $76,000
$74,000, then $72,000
A daily close above the channel top would strengthen the reversal case.
ETH is forming a pennant pattern on the hourly chart. A breakout should set the next trend.
The nearest resistance is $2,450 to $2,550, about 1% to 5% above the current price. Support sits at $2,226, about 8% below.
Scenario
What Needs to Happen
Level in Focus
Bullish
Clean break above resistance with steady ETF inflows
$3,000
Neutral
Choppy trade inside the range
$2,226 to $2,550
Bearish
Rejection at resistance, then a break below the bounce low
Below $2,226
A daily close above resistance would put $3,000 in view, roughly 24% higher.
Trader Tardigrade sees an inverse head and shoulders on the weekly ETH dominance chart. A neckline break would confirm it, but it is not a sure thing.
Analyst Javon Marks sees a possible move of nearly 100% back to $4,811.71, with $8,500 in play above that. ETH must clear $3,000 first, and every step carries risk.
XRP rose 3% in the bounce. A daily close above $1.30 would confirm a breakout.
Level
Type
What It Means
$1.20
Support
Lower end of whale zone
$1.23
Support
Channel low bounce
$1.27
Support
Session low to defend
$1.30
Pivot
Daily close confirms breakout
$1.3234
Resistance
First hurdle
$1.3551
Resistance
Second hurdle
$1.40
Resistance
Next target
$1.48 to $1.50
Resistance
Major daily chart level
If buyers fail at the trendline, XRP may slide back into the channel, with support near $1.28 and $1.23. A drop under $1.20 would weaken the whale story.
History offers some support. Bitcoin has averaged a 54% gain in the 12 months after each of the three previous midterms.
But risks remain. Regulation could turn tougher, and the short squeeze may have flattered the move. Many of the targets above need strong volume to hold.
For now, the Crypto Rally looks like a recovery inside a range. The next daily closes at $80,000 for BTC and $2,550 for ETH may tell more.
This article is for information only and is not financial advice. Cryptocurrency prices are highly volatile, and you can lose some or all of your money. Price levels and scenarios are not guarantees. Do your own research and speak to a licensed financial advisor before you invest.
