Bitcoin stages V-shaped recovery after midterm dip below $76,000

The largest crypto erased its early Wednesday losses as reports of a Democratic sweep of Congress rattled, then released, the market Bitcoin slid to just under $76,000 early Wednesday, as reports said Democrats were sweeping both chambers of Congress. By the time the rest of the country finished its coffee, the losses were gone. A round trip in a matter of hours Before the vote, Bitcoin had been trading near $77,500. It then hit an intraday low of approximately $75,630 on November 4, 2026, the morning after Americans went to the polls on November 3. Traders had plenty of warning about what was coming. Ahead of the vote, prediction market Kalshi gave Democrats a 94% chance of taking the House and a 74% chance of winning the Senate. Markus Thielen, founder of 10x Research, had flagged that possibility. He said a momentum indicator suggested Bitcoin was oversold and could rebound toward $82,000. Thielen’s broader view is more measured than a straight line up. He projected a $90,000 year-end target for Bitcoin, while warning that near-term dips into the mid-to-high $70,000s remain possible. Why Washington matters so much to crypto right now The election mattered to crypto traders for o...