U.S. midterm election voting has just wrapped up, but the results are still undecided. Bitcoin is still hovering around $77,000, and the Fear & Greed Index is at 35, still in fear territory.
The bottom line: Don’t bet ahead of the election results. What really matters is whether Bitcoin can hold the $76,000 level. Short-term holders’ average cost is right around here. With the price tracking that cost basis, it suggests recent buyers are basically not in profit. This is the kind of level that wears you down—and makes it easiest to shake people out.
Bitcoin fell about 7% in October, and U.S. spot ETFs saw net outflows of about $643 million on October 30. Money is flowing out—that’s a fact. The election has simply brought uncertainty to the forefront. Once it’s over, the underlying fund-flow dynamics still have to play out, and whoever takes office won’t turn outflows into inflows overnight.
So don’t trade on headlines over the next few days. If you’re heavily invested, ask yourself: If Bitcoin breaks below $76,000 and heads toward $73,000, will you still be able to sleep? If not, the problem isn’t the election—it’s your position size.
The most grueling markets don’t test your judgment as much as your ability to stay put.
$BTC $ETH
The bottom line: Don’t bet ahead of the election results. What really matters is whether Bitcoin can hold the $76,000 level. Short-term holders’ average cost is right around here. With the price tracking that cost basis, it suggests recent buyers are basically not in profit. This is the kind of level that wears you down—and makes it easiest to shake people out.
Bitcoin fell about 7% in October, and U.S. spot ETFs saw net outflows of about $643 million on October 30. Money is flowing out—that’s a fact. The election has simply brought uncertainty to the forefront. Once it’s over, the underlying fund-flow dynamics still have to play out, and whoever takes office won’t turn outflows into inflows overnight.
So don’t trade on headlines over the next few days. If you’re heavily invested, ask yourself: If Bitcoin breaks below $76,000 and heads toward $73,000, will you still be able to sleep? If not, the problem isn’t the election—it’s your position size.
The most grueling markets don’t test your judgment as much as your ability to stay put.
$BTC $ETH
