Bitcoin is under pressure as weak spot demand and bearish retail trader sentiment follow the results of the U.S. congressional elections.
Reports said the Democratic Party won both the Senate and the House. Although Bitcoin's Fear and Greed Index has recovered, market indicators have yet to show a corresponding improvement.
Bitcoin sentiment turns bearish after the election
Santiment data recorded 0.51 bullish comments about Bitcoin for every bearish comment following the election results. Many traders view the Republican Party as more crypto-friendly, making the outcome a source of greater uncertainty for the market.
Source: Santiment
Spot demand has yet to catch up with the recovery in sentiment
According to CryptoQuant, Bitcoin’s recovery from its recent lows is slowing due to weak spot demand and ongoing liquidations. Spot buying pressure has not been enough to offset selling pressure and liquidations in the futures market.
CryptoQuant’s on-chain indicators and technical signals have not recovered in line with sentiment. Bitcoin’s market cap dominance was also rejected for the third time near the 61% level, while there are no clear signs of accumulation.
Indicator Data and developments Bitcoin price Fell below $77,000, approaching the $76,800 area. Retail trader sentiment 0.51 bullish comments per bearish comment. Bitcoin market cap dominance Rejected for the third time near the 61% level. Fear and Greed Index Fell to 26 for the first time in three months, then recovered by more than 30% since the election.
Source: X
The recovery in the Fear and Greed Index has occurred alongside weak market demand. One analyst noted that Bitcoin faced selling pressure after past elections and could correct by 30% if the pattern repeats; this is a possibility, not a certainty.
Summary
Bitcoin sentiment has partially recovered since the election, but weak spot demand, liquidation activity, and retail trader pessimism remain factors to watch.
Source: https://tintucbitcoin.com/bitcoin-duoi-77-000-usd-vi-sao-noi-lo-sup-gia-hau-bau-cu-van-con/
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