The crypto independence story is fragile: Bitcoin now moves on elections, oil and missiles
The leading digital asset fell 1.69 per cent to US$76,940.91 over 24 hours, while the total crypto market capitalisation dropped 1.68 per cent. That near-perfect match matters. I don’t see this as a coin-specific move. It is a unified repricing of risk across global markets, and the largest cryptocurrency is caught in the current. The […] The post The crypto independence story is fragile: Bitcoin…
Bitcoin's price slid from the US$77,000 mark to the US$76,000 range as geopolitical uncertainty and macro fears took hold. The cryptocurrency's correlation with the S&P 500 ETF hit 83.8 per cent, signaling its status as a high-beta proxy for traditional equities. The US midterm elections on November 3 have dampened risk appetite, prompting investors to avoid volatile assets until the political landscape becomes clearer.
A US military strike on Iran's Qeshm Island has added to the geopolitical tension, while a Binance security breach has shaken institutional confidence. Leveraged traders, who had bet on a pre-election bounce, contributed to the decline, leading to margin calls and further selling. Bitcoin is now testing the US$76,000 support level, which coincides with the 50-week moving average and the approximate cost basis of recent buyers.
If prices fall below US$76,000, the next key support is near US$74,600. The Relative Strength Index has fallen to 35, indicating an oversold condition, but not guaranteeing a bounce. The crypto market's current state is characterized by a cautious mood, with ETFs recording a net outflow of US$643 million, the largest one-day withdrawal in four months.
The outcome of the US midterm elections and the outcome of the geopolitical situation will determine Bitcoin's short-term direction.
Written by urgent.news from e27's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
