Bitcoin Price Defends $76K Lows as Analysts See Stocks Pricing in ‘Political Gridlock’
Markets
Published: Nov 3, 2026
Bitcoin (BTC) opened higher on Wall Street Tuesday, despite the uncertainty surrounding the US midterm elections. The market awaited cues from the elections while navigating conflicting forces within the tech sector and political landscape.
Key Takeaways:
- Bitcoin price rose 0.7% on Tuesday, retaining its local lows near $76,300.
- Analysis from The Kobeissi Letter suggests markets are expecting two years of political gridlock due to expected Democratic gains in the midterms.
- S&P 500 and tech-heavy Nasdaq Composite Index finished Monday down 0.5% and 1.1%, respectively.
- Oil prices dipped despite fresh US strikes targeting Iran's Qeshm Island.
Market Dynamics:
Stocks faced a dilemma at the start of US trading:
- Apple shares recovered from early losses, but cited rising memory-chip costs, forecasting gross margins of 45% to 46% for the December quarter.
- The potential impact of election results on Congress' balance of power loomed large, with some analysts cautioning against overestimating Democratic gains.
Analyst Perspective:
Tobin Marcus, head of US policy and politics at Wolfe Research, expressed skepticism about the final election outcome, suggesting polls may be overstating Democratic strength.
The Kobeissi Letter attributed the market's weakness to political uncertainty, arguing that a divided Congress could lead to legislative impasses.
Cryptocurrency Market Snapshot:
Data from TradingView showed BTC/USD circling $77,000, with support holding around $76,000.
- BTC: $77,596.38 (-0.22%)
- ETH: $2,297.57 (+0.59%)
- Top Gainers: XMR (+2.53%), BNB (-0.41%)
- Top Losers: ZEC (-4.06%), XLM (-1.96%)