Bitcoin Price Faces Midterm Election Test as Bears Eye $77K

Key Insights Bitcoin price approached the U.S. midterms near $78,000, with momentum showing weakness. Historical data showed Bitcoin reached three previous cycle lows after midterm elections. Bitcoin faced immediate support at $77,345, while resistance remained near $78,329. Bitcoin price faced another test on Monday as analysts examined historical corrections surrounding U.S. midterm elections. The cryptocurrency traded near $78,038 on Bitstamp, with the Nov. 3 vote approaching. Crypto analyst Ali Martinez highlighted a recurring pattern of Bitcoin corrections around four previous midterm elections. Coin Bureau separately identified three cycle bottoms that followed U.S. congressional votes. The observations emerged after Bitcoin lost 7.3% in October, extending its recent weakness. Meanwhile, daily technical indicators pointed to fading buying momentum near $78,000.

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