BTC Recovers After Falling to a 7-Week Low

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Bitcoin price downside reached a seven-week-low of $75,618 as 24-hour crypto long liquidations neared $300 million.

Bitcoin (BTC) sought to erase 3% overnight losses on Wednesday as crypto markets digested the Democratic sweep of the midterm elections.

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.

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