Bitcoin, Ethereum, XRP and Dogecoin surrendered earlier gains late Tuesday evening while investors awaited midterm election results. Bitcoin reached $77,965.50 during the day before retreating later in the evening. Ethereum erased earlier gains during a steep overnight fall. The Associated Press reported that voting was ending in several states. Tuesday's elections will determine the balance of power in the House and Senate from January.
Coinglass data showed more than $200 million in cryptocurrency liquidations during the last 24 hours, with leveraged long positions accounting for most liquidations. Bitcoin's open interest declined 3.89% over the last 24 hours. The Long/Short ratio dropped below 1, signaling that bearish traders dominated. The Crypto Fear & Greed Index showed that fear prevailed among market participants. Global cryptocurrency market capitalization reached $2,694 billion, a 0.50% increase over the last 24 hours.
Strategy Inc. shares finished the regular session 3.72% higher. Bitmine Immersion Technologies Inc. shares closed with a 5.07% gain. The Dow Jones Industrial Average ended at 51,786.72 after losing 197.26 points, or 0.38%. The S&P 500 advanced 0.36% to 7,568.92, ending three consecutive sessions of losses. The Nasdaq Composite finished at 25,372.01, an increase of 0.83%.
Cryptocurrency analyst and trader Michaël van de Poppe expected a "sell the rumor, buy the news" reaction following the midterm elections. However, van de Poppe cautioned that Bitcoin remained vulnerable. Van de Poppe said a decisive break above resistance at $79,000 would give van de Poppe confidence that the correction had ended. Van de Poppe urged patience and recommended accumulating Bitcoin.
Cryptocurrency chartist Ali Martinez identified a TD Sequential buy signal on Ethereum's 3-day chart. Martinez said the signal suggested that Ethereum's correction might be approaching an end. Martinez projected that Ethereum could recover to $2,500 if buying pressure increased. Martinez said a break above $2,500 would direct attention toward the setup's resistance trendline near $2,700.
Bitcoin, Ethereum, XRP, Dogecoin Lose Gains as Midterm Polls Close
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Summary
Bitcoin price today fell back below $77,000 after hitting $77,965.50, as U.S. midterm polls closed. Ethereum price today also dropped sharply overnight. Over $200 million in crypto positions were liquidated in the last 24 hours, mostly longs. Analyst Michaël van de Poppe expects a post-election "sell the rumor, buy the news" move. Ethereum chartist Ali Martinez sees a TD Sequential buy signal, aiming for $2,500 if buyers step in.
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