Bitcoin defends $76k lows as analysts cite political gridlock
ITF Team1 min read
Bitcoin nudged higher at the start of Wall Street trading while markets weigh US midterm election uncertainty and oil price moves.
Bitcoin (BTC) opened slightly higher on Tuesday, holding above the $76,300 level that marked Friday’s low. The cryptocurrency rose about 0.7% as U.S. equities steadied, despite lingering doubts about the outcome of the 2026 midterm elections.
Election uncertainty drives market tone
Analysts at The Kobeissi Letter argued that investors are pricing in two years of political uncertainty, expecting a Democratic gain in Congress but fearing a divided legislature could stall policy. Wolfe Research’s Tobin Marcus warned that polls may overstate Democratic strength, adding to the scepticism that keeps markets cautious.
Tech stocks and oil in focus
Apple tried to trim a 4% pre‑market loss after warning that gross margins would fall to 45‑46% for the December quarter, pressured by higher memory‑chip costs. Meanwhile, WTI crude slipped to $93.59 a barrel, its lowest since mid‑October, after a brief rally to $98.80 and a U.S. strike on Iran’s Qeshm Island.
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What traders are watching
- BTC/USD near $77,000, with $76,300 as a key support level
- U.S. midterm results, especially any shift in Senate control
- Oil price reaction to further geopolitical developments
Official data sources
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This article is compiled from international market news for information only. It is not investment advice.