Bitcoin is trading near $77,200 after Democrats won both the US House and the Senate. Republicans lost control of Congress, and crypto traders now have a new worry. BTC is up about 2% from th
Bitcoin is trading near $77,200 after Democrats won both the US House and the Senate. Republicans lost control of Congress, and crypto traders now have a new worry.
BTC is up about 2% from the low near $75,500. Still, the mood is tense.
Democrats clinched the Senate majority. They flipped states that President Donald Trump won by double digits in 2024. Texas and Kansas elected Democrats to the Senate for the first time in decades.
Many crypto traders see Republican control as the friendlier outcome. Republican leaders and the Trump administration pushed for stablecoin rules, self-custody protections, and other pro-crypto policies.
The Fear & Greed Index reads 34, which is Fear. It was 26 yesterday, 51 last week, and 70 last month.
That is a sharp fall in just four weeks. But crowds are often wrong at extremes, and Santiment calls this a contrarian setup.
Analyst Ali Charts also noted that BTC dipped to $76,195. That was close to the short-term holder realized price at $75,875.
That area marked local bottoms in March 2023, June 2023, and May 2024. History does not have to repeat, of course.
As per CryptoQuant data, the Binance funding rate climbed to about 0.01. That is its highest reading in over two months. The 30-day average sits near 0.004557.
A positive rate means longs are paying shorts. It shows eager buyers. It also shows risk, because a sudden drop can force those longs to close.
We already saw some of that. Total liquidations hit $143 million in 24 hours. Longs lost $97.50 million, while shorts lost $45.51 million.
Metric
Latest Reading
BTC price
$77,200.1 (+0.29%)
Market cap
$1.54 trillion
Futures volume (24h)
$60.35 billion
Spot volume (24h)
$5.75 billion
Open interest
$52.26 billion (-3.43%)
Overall long/short ratio
1.0504
Binance top trader ratio (positions)
1.9816
24h liquidations
$143 million
Options open interest
$31.90 billion (+5.22%)
US spot ETFs saw a net outflow of $20.58 million on Nov. 3. Total net assets stand at $98.56 billion, or 2.34% of BTC's market cap. Cumulative net inflows are $56.56 billion.
The picture was mixed by fund. Bitwise's BITB took in $21.92 million, and Fidelity's FBTC added $6.76 million. Grayscale's mini fund lost $52.60 million.
Fidelity's FBTC leads the group shown with $13.51 billion in net assets. Grayscale's GBTC follows with $9.69 billion.
Level
Why It Matters
$79,000
A reclaim would strengthen the relief signal
$77,000 to $77,200
Current trading zone
$76,500 to $77,000
Area bulls want to defend
$76,000
A clean break would suggest fear is being confirmed
$75,875
Short-term holder realized price
$75,500
Recent low
The setup is simple. If BTC holds $76,500 to $77,000, the odds of a relief bounce improve. A move back above $79,000 would add weight to that view.
If price slips below $76,000 on a clean break, the fear may be right. Then $75,875 and the $75,500 low come into focus.
Crowded longs add some risk either way. Bitcoin could stay choppy for a while, and the next few daily closes should tell us more.
Nobody knows which way it breaks. Traders will also watch ETF flows and funding rates for clues.
This article is for information only and is not financial advice. Cryptocurrency prices are highly volatile, and you can lose some or all of your money. Always do your own research and speak to a licensed financial advisor before you invest.
