Bitcoin falls below $76K after Democrats win Congress
BROBROK News · Based on reporting by Cointelegraph ·
Bitcoin slipped to $75,618 after Democrats took control of both chambers in the US midterm elections. The price briefly rebounded toward $78,000, but analysts are watching whether BTC can hold its 50-week moving average near $75,733.
Key points
- BTC hit $75,618 on Bitstamp, a seven-week low.
- The move followed Democratic victories in both the House and Senate.
- Crypto long liquidations over 24 hours reached $288 million.
- Analysts say the 50-week simple moving average at $75,733 is a key support level.
- S&P 500 and Nasdaq 100 futures were also down about 0.3%.
Why it matters
The price action shows that US political events can still move bitcoin in the short term. If that support gives way, traders see room for a deeper correction.
Original headline: “Bitcoin bounces from 7-week low under $76K as Democrats sweep Congress”
Read the original on Cointelegraph
Summary and analysis written by BROBROK News from the original report. Read the full story on the source website. Not investment advice.