Bitcoin Reclaims $78K After Volatile Market Swings

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One analyst believes the latest drop may have marked another local bottom near a key on-chain support level.

Bitcoin endured another volatile trading session as the US midterm results initially rattled risk markets and pushed the cryptocurrency to its lowest price tag in almost 7 weeks at around $75,600.

Interestingly, though, this sell-off was rather short-lived, with the asset rebounding to just over $78,000 as of press time as political uncertainty faded and buyers stepped back in.

Dem Sweep Sent BTC South
As many expected, Democrats won control of both the House and the Senate in Tuesday’s midterm elections, handing President Donald Trump a divided government for the final two years of his term. What was less expected was that Democrats flipped several seats in traditionally Republican states and secured majorities in both chambers.

Bitcoin’s immediate reaction was quite painful, as the asset was rejected at $77,000 and tumbled to its lowest level since September 17 at $75,600. The decline wasn’t isolated: Nasdaq 100 futures also plunged sharply in the early election reaction, while the dollar weakened and Treasury yields fell.

The concern for crypto is rather straightforward: Democratic control of Congress could complicate parts of the Trump administration’s pro-industry legislative agenda, while increasing scrutiny of areas such as technology and financial regulation. At the same time, the political outcome is likely to create gridlock because Trump retains veto power over legislation passed by Congress.

The initial fear quickly faded, though, as the largest cryptocurrency erased most of the losses and jumped to just over $78,000. According to market commentators, the political outcome reduced uncertainty, while significant call-option buying also emerged during the rebound.

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