Bitcoin tops $80,500 as U.S. stocks rally after midterm elections

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Oleksii Zaichenko

7 hours ago

Bitcoin tops $80,500 as U.S. stocks rally after midterm elections — Bitcoin tops $80,500 after U.S. midterm elections

Bitcoin gained more than 4% and surpassed $80,500 following the release of U.S. midterm election results. The cryptocurrency's advance coincided with a recovery in U.S. stock indexes and a decline in oil prices.

On November 4, after Wall Street opened, Bitcoin climbed back above $80,000, recovering some of its losses after falling to a seven-week low below $76,000, according to TradingView.

BTC/USDT price performance on Binance. Source: TradingView.

Markets reacted to Democratic gains in the congressional midterm elections. Risk assets also received support from expectations that the war between the U.S. and Iran could end, which pushed U.S. West Texas Intermediate (WTI) crude oil below $93 per barrel.

Bitcoin and U.S. stocks recover after elections

S&P 500 futures initially fell to 7,490 points, their lowest level since July 31. However, prices subsequently recovered to 7,690 points, approaching monthly highs.

Market analysis platform The Kobeissi Letter described the initial decline in U.S. stocks as a classic "bear trap," in which a drop in prices is followed by a sharp rebound.

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According to analysts, Democrats gained seven additional seats in the Senate and 25 seats in the House of Representatives. The Kobeissi Letter described the results as one of the largest shifts in the U.S. political balance in nearly two decades.

Analysts assess Bitcoin's recovery prospects

CoinShares Head of Research James Butterfill suggested that Bitcoin could extend its recovery as uncertainty surrounding the U.S. elections subsides.

However, he emphasized that real bond yields, dollar liquidity, and capital flows into exchange-traded cryptocurrency products remain more important drivers of Bitcoin's performance than election results.

According to Butterfill, falling oil prices could ease inflationary pressures and reduce expectations of interest rate hikes by the Federal Reserve.

The recovery also extended to other cryptocurrencies. Ethereum gained 6.39%, despite continued capital outflows from U.S. spot ETH ETFs.

However, the second-largest cryptocurrency by market capitalization remains under pressure from technical resistance near its 50-day moving average. This limits the potential for further short-term gains.

Earlier, we reported that U.S. spot Bitcoin ETFs recorded their largest daily outflows in four months following the Binance hack. Investors reduced their positions in cryptocurrency funds amid heightened market uncertainty.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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