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BTC heads into US midterm showdown: Three things to know in Bitcoin this week

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BTC heads into US midterm showdown: Three things to know in Bitcoin this week

Bitcoin price action held its 100-day moving average into the monthly close as crypto markets braced for US midterm election and tech earnings volatility.

Bitcoin (BTC) held above its 100-day moving average on Monday ahead of US midterm elections, jobs data and earnings from Apple and Palantir.

Tuesday’s US midterm elections will determine control of Congress, with prediction market traders heavily favoring a Democratic victory in the House of Representatives.

Kalshi put the probability of Democrats winning the House at 93.6% as of Monday.

President Donald Trump said he would use his veto power if Democrats took control of Congress.

“I guess I’ll become Mr Veto. They’ll be sending stuff up. You veto it,” he said, according to the New York Post.

Bitcoin ended the fourth quarter lower in each of the past three US midterm election years, falling 17.3% in 2014, 43.5% in 2018 and 14.8% in 2022. All three periods coincided with Bitcoin bear markets.

Benjamin Cowen, founder and CEO of crypto analytics platform IntoTheCryptoverse, suggested that the midterms can function as a cue to increase BTC exposure due to their short-term bearish impact on price.

“Usually the Q4 dump of midterm years just provide opportunities to buy for those who sold long ago,” he said Friday on X.

In July, Cowen referenced Bitcoin bear-market bottoms coinciding with the second half of midterm years.

BTC/USD was down 6.4% for the quarter as of Monday, after its weakest October since 2014, according to CoinGlass.

September US job openings data are due Tuesday, followed by October’s nonfarm payrolls report on Friday.


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