- Published on
Bitcoin bounces from 7-week low under $76K as Democrats sweep Congress
- Authors
- Name
- DeepHorus
Bitcoin rebounded from a seven-week low of $75,618 on Wednesday after falling below $76,000 as Democrats won control of Congress in US midterm elections. The cryptocurrency recovered to $78,039 within three hours, erasing part of a 3% overnight decline. The move showed crypto markets quickly digested the result.
The decline began during Tuesdayâs daily close as results arrived. BTC/USD fell to its lowest level since Sept. 16 on Bitstamp before buyers stepped in. S&P 500 and Nasdaq 100 futures were down about 0.3% at the time of writing.
The drop liquidated late BTC long positions below $76,000, according to CoinGlass. Total crypto long liquidations over 24 hours reached $288 million, while asks capped upside below $78,000. Price action stayed contained despite the shock.
Kelly Ye, head of research at Talos, told Cointelegraph that markets had largely priced in the outcome. Bitcoin moved about 1.7% after polls closed, close to the roughly 1.8% options had priced, with no major leverage flush. She said the election was the main event but markets had prepared.
Bitcoinâs low coincided with its 50-week simple moving average at $75,733, a trend line that has held as support since mid-September. Keith Alan of Material Indicators called it a line in the sand for bulls. Failure to defend it would open the door to a deeper correction.
Analyst Rekt Capital flagged overhead resistance on the three-day chart. He said continued weakness could guide price toward ~$75.5k over time. President Donald Trump struck a conciliatory tone, telling The Wall Street Journal he would work with Democrats.
Markets now focus on whether Bitcoin can hold its 50-week moving average. A break below $75,500 could deepen losses, while a recovery above $78,000 would ease pressure. The election outcome remains the key backdrop as traders assess policy and AI capex risks.
