Bitcoin bounces from 7-week low under $76K as Democrats sweep Congress

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.

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.