Bitcoin at $76,600: Democratic Sweep, ETF, US Jobs – Three Morning Forces
Bitcoin rose to $76,600 amid a Democratic wave in the midterms, the third day of ETF exits, and a U.S. employment report on Friday – three key factors driving the market in the morning.
Coin Encyclopedia Improve your knowledge of cryptos
First force, the most visible. The projections give the House and Senate to the Democrats, and bitcoin reacted in the second. It was still trading near $78,000 on Tuesday evening, then slipped below $76,000 when the first seats flipped, reaching a low of $75,700 noted by CoinDesk. The rebound followed, but it remains timid.
The market sells a calendar. Without a federal text before January 3, the CLARITY Act is starting from scratch in the face of a Senate banking committee that Elizabeth Warren is expected to chair. We have detailed the three consequences of this night for crypto. For the record, remember above all the absence of a regulatory catalyst by the end of winter.
Second force, flows. U.S. spot Bitcoin ETFs lost $115.6 million on Tuesday, according to data from Farside Investors. This is the third consecutive session in the red. On Monday, $398.6 million was out, including $405 million on BlackRock's IBIT alone, its largest daily buyback since June 26.
On the exchange side, the post-piracy storm has subsided. Binance had seen 4.7 billion dollars in net withdrawals after the 6.3 billion heist attributed to North Korea. Bloomberg noted a clear slowdown in withdrawals on Tuesday. Alternative.me's Fear & Greed index remains stuck at 26 this morning, compared to 48 a week ago.
Third force, macro. This Wednesday, the ADP survey on private employment (2:15 p.m. Paris time) and the ISM of services (4:00 p.m.) fall in the afternoon. Friday, November 6 at 2:30 p.m., the official report on employment (non-farm payrolls) will set expectations before the December Fed meeting. A weak figure revives the rate cut scenario and relieves risky assets, a strong figure closes it.
Bitcoin is playing its 200-day exponential moving average, around $76,500. The first support is located around $75,000 and resistance on the 50-day EMA, around $80,100, where KuCoin also places its selling zone. As long as the price remains stuck between these two averages, the market awaits Friday's report.
Machine-translated from French
Not cross-checked yet
Only Journal du Coin reports this story so far. We show it as a single source until another newsroom confirms it.
- Journal du Coin4 Nov, 07:58
| Publisher Journal du Coin (general tier) | +72 |
| Checkable figures cited | +3 |
| Detailed summary | +2 |
| Total | 77 |
Method: reports are grouped by the words of their headline and summary; each newsroom counts once; figures are read from the reports as published. Nothing here is written by an AI.