Bitcoin bounces from 7-week low under $76K as Democrats sweep Congress — SkimNews
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- Bitcoin fell to $75,618, its lowest level in seven weeks, following Democratic control of both the House and Senate in the U.S. midterms.
- Crypto markets saw $288 million in long liquidations over 24 hours as Bitcoin briefly dipped below $76,000, with price resistance forming near $78,000.
- Kelly Ye of Talos stated that Bitcoin’s 1.7% post-election move aligned with options pricing, indicating markets had largely anticipated the Democratic sweep.
- Rekt Capital noted that failed breakouts above $78,000 established lower highs on the three-day chart, potentially guiding price back toward $75,500.
- Keith Alan identified the 50-week simple moving average at $75,733 as critical support, warning that losing it could trigger a deeper correction.
- S&P 500 futures declined 0.3% alongside the Bitcoin drop, reflecting broader market caution despite no major leverage flush in crypto.
Why it matters: Bitcoin’s defense of the 50-week SMA at $75,733 determines near-term trend integrity; failure risks triggering cascading sell-offs, while equities’ muted reaction suggests macro sentiment is stabilizing post-election. The $288 million in liquidations highlights leveraged exposure just below $76,000.
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