# Why bitcoin dropped to $75,600: the midterms were only part of the story > Bitcoin fell to $75,618, its lowest since 16 September, as Democrats won Congress, but analysts say markets had priced in the vote and point to AI spending worries. Money & Markets · Binatec Pulse · David Banjo · Published 2026-11-09T12:06:24.000Z · Updated 2026-11-09T10:45:20Z Canonical: https://pulse.binatecagency.com/money/bitcoin-seven-week-low-midterms-why-crypto-fell ## Key points - Bitcoin hit $75,618 on Bitstamp, its lowest level since 16 September, a seven-week low. - It bounced to about $78,039 within three hours. - Analysts said the move after the vote was close to what options had priced in. - About $288 million of crypto long positions were liquidated in 24 hours, per CoinGlass. Bitcoin briefly fell to $75,618 on Bitstamp, its lowest level since 16 September, [Cointelegraph reported](https://cointelegraph.com/markets/bitcoin-bounces-from-7-week-low-under-76k-as-democrats-eye-congress-sweep), as Democrats won control of both the House and the Senate in the US midterm elections. The coin recovered to around $78,039 within three hours but hit resistance near that level. ## Why did bitcoin fall after the midterms? The timing points to the election, but the analysts quoted say the vote itself explains little. Kelly Ye of Talos said markets had 'largely prepared for it'. Bitcoin's move of about 1.7% after the polls closed was close to the roughly 1.8% that options had priced in. Anthony Saglimbene of Ameriprise Financial linked the adverse reaction to concerns about data-center and AI capital spending instead. That fits a market where crypto has been trading alongside other risk assets, with stock futures also slightly lower at the time. ## What about the sell-off that followed? [Trading Economics](https://tradingeconomics.com/btcusd:cur/news/597895) later described bitcoin falling below $76,600, around an eight-week low, as a tech sell-off spread to other risk assets. The pattern is that the election was the headline and the pressure on technology shares was the lever. ## How big were the liquidations? CoinGlass data cited by Cointelegraph showed about $288 million of crypto long positions liquidated over 24 hours, with late bitcoin longs wiped out below $76,000. Liquidations happen when traders borrowing to bet on higher prices are forced to close, which can push prices down further in a short burst. ## What level are analysts watching? The 50-week simple moving average sat at about $75,733 when the low printed, and analysts said holding it was important to avoid a deeper correction. The Next Web also [covered the dip](https://thenextweb.com/news/bitcoin-dips-democrats-win-congress-midterms). A moving average is not a forecast, only a level traders watch, and this article does not predict where the price goes next. The episode is a reminder of how much of a crypto sell-off comes from the market around it. When stock futures slip and technology shares come under pressure, bitcoin has often moved with them, which is why the analysts quoted here talk about AI spending as much as about Washington. It also shows how quickly sentiment can swing. Within three hours of the low, bitcoin had recovered to about $78,039, yet that level then acted as resistance. A fast bounce that stalls at a nearby ceiling is a common pattern after a sharp liquidation, and it tells traders little about the direction of the next move. Options pricing offers one more clue. Traders had expected a move of roughly 1.8% around the vote and got about 1.7%, so the event itself delivered no surprise, which is why the analysts treat the broader risk mood as the main driver. This is a news summary, not investment advice. Prices move quickly, so check a live source before relying on any figure here. ## Questions people are asking ### How low did bitcoin fall? To $75,618 on Bitstamp, its lowest since 16 September, according to Cointelegraph. ### Did the midterms cause the fall? The drop coincided with Democrats winning both chambers, but analysts quoted said markets had mostly priced in the result and pointed to AI spending concerns. ### What are liquidations? Forced closures of leveraged positions. About $288 million of crypto longs were liquidated in 24 hours, per CoinGlass. ## Sources 1. [Bitcoin bounces from 7-week low under $76K as Democrats eye Congress sweep](https://cointelegraph.com/markets/bitcoin-bounces-from-7-week-low-under-76k-as-democrats-eye-congress-sweep), Cointelegraph 2. [Bitcoin Falls as US Midterm Results Roll In](https://tradingeconomics.com/btcusd:cur/news/597895), Trading Economics 3. [Bitcoin briefly hits multi-week low as Democrats win Congress](https://thenextweb.com/news/bitcoin-dips-democrats-win-congress-midterms), The Next Web