Bitcoin Whipsaws After Democratic Sweep: BTC Reclaims $78K

Bitcoin fell to about $75,600, its lowest price in almost seven weeks, after Democrats won control of the House and Senate in Tuesday’s midterm elections, then rebounded to just over $78,000. Democratic control could complicate President Donald Trump’s pro-industry legislative agenda and increase scrutiny of technology and financial regulation, though Trump’s veto power could create gridlock. Analyst Ali Martinez noted that bitcoin’s short-term holder realized price was around $75,800, a level the selloff nearly reached, and said similar tests coincided with local bottoms in past uptrends. Lacie Zhang, research lead at Bitget Wallet, said bitcoin held the $75,700-$76,000 support zone and that spot demand absorbed selling from liquidations and ETF outflows, while the broader trend remained below $80,000 resistance.