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Bitcoin (BTC) sought to erase 3% overnight losses on Wednesday as crypto markets digested the Democratic sweep of the midterm elections.
Key points:
- Bitcoin fell to $75,618 as Democrats won control of both the House and Senate in the US midterm elections.
- BTC/USD rebounded to overhead resistance at $78,000, while S&P 500 futures were down 0.3% on Wednesday.
- Analysts warned that BTC must defend its 50-week moving average, now at $75,733, to avoid a deeper correction.
US midterm vote sparks sub-$76,000 BTC price dip
Data from TradingView showed BTC/USD falling into Tuesday’s daily close as election results came in, with Democrats going on to win control of both the House and Senate. The pair dropped to a low of $75,618 on Bitstamp, a level last seen on Sept. 16, before rebounding as high as $78,039 over the next three hours.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Data from CoinGlass showed the price dip liquidating late…
