The market has delivered its verdict on the midterm elections: Bitcoin is back above 80k.
Yesterday morning, it nearly plunged below Saylor’s cost basis. Preliminary vote counts suggested Congress might flip, but at 11 p.m., a huge green candle shot straight past 80k. It’s now at 80.3k. From the day’s low to its high, it gained more than 6%, and over $300 million in short positions were liquidated.
Before the election, plenty of people thought a change in control of Congress would be bad for crypto. But the market focused on the other side of the story first: a weaker dollar, money looking for an outlet, and bears forced to close their positions. Prices took off.
This rally was mainly driven by short liquidations, though, with limited spot-market buying. For a sustained move, it needs to hold above 80k and then test 81.7k, where it traded before the hack.
Senior Brother’s outlook is bullish. If 80k holds on a retest, you could consider getting in, with 81.7k as the first target. If it falls back below 78.2k, where the evening rally began, stay away for now. #美国中期选举：市场有哪些期待？ $BTC
Yesterday morning, it nearly plunged below Saylor’s cost basis. Preliminary vote counts suggested Congress might flip, but at 11 p.m., a huge green candle shot straight past 80k. It’s now at 80.3k. From the day’s low to its high, it gained more than 6%, and over $300 million in short positions were liquidated.
Before the election, plenty of people thought a change in control of Congress would be bad for crypto. But the market focused on the other side of the story first: a weaker dollar, money looking for an outlet, and bears forced to close their positions. Prices took off.
This rally was mainly driven by short liquidations, though, with limited spot-market buying. For a sustained move, it needs to hold above 80k and then test 81.7k, where it traded before the hack.
Senior Brother’s outlook is bullish. If 80k holds on a retest, you could consider getting in, with 81.7k as the first target. If it falls back below 78.2k, where the evening rally began, stay away for now. #美国中期选举：市场有哪些期待？ $BTC
