Bitcoin remained near $77,800 on Sunday, after a volatile week that included a price dip toward $76,000 following a security breach at Binance. The cryptocurrency stayed below the $80,000 level that analysts consider a key resistance point.
Key price levels
Crypto analyst Killa identified the $78,800‑$80,100 range as the first short‑term resistance after Bitcoin’s October monthly close. Support is seen around $75,800, which aligns with Glassnode’s short‑term holder cost basis. A break below $73,000 is noted as a potential downside target.
ETF outflows and market pressure
U.S. spot Bitcoin exchange‑traded funds recorded $643.2 million in outflows on October 30, turning a prior four‑session inflow streak into a net weekly redemption of roughly $202 million. The outflows added pressure to Bitcoin’s price amid already weakened demand earlier in the month.
Historical context
Historical data for U.S. midterm election periods show mixed Bitcoin performance: gains of 30.91% and 6.61% after the 2010 and 2014 elections, versus declines of 47.13% and 18.15% after the 2018 and 2022 elections. Analysts note these figures reflect past market cycles rather than a direct causal link.
Outlook
Traders will watch for price action above the $78,800‑$80,100 resistance zone and for any further ETF flow changes when U.S. markets reopen. The upcoming November 3 midterm elections add an additional layer of political uncertainty to market sentiment.
