Bitcoin trades near $77,530 as US midterm elections approach on November 3. ETF outflows and a weak October leave the price below $78,000, while Strategy's chairman hints at another purchase.
Bitcoin trades near $77,530 on November 1, 2026, as markets prepare for a politically sensitive week. The coin faces renewed selling pressure after losses in October and declining institutional demand.
US midterms may sway sentiment
The United States holds its midterm elections on Tuesday, November 3, 2026, when voters elect all 435 members of the House of Representatives and approximately one-third of the Senate. The result may affect cryptocurrency laws, regulatory preferences and the financial market atmosphere.
Polls show Democrats ahead. The RealClearPolitics average has Republicans trailing Democrats 51.5 per cent to 43.1 per cent, and an Emerson College poll carried out between October 24 and 26 also indicated that Democrats were leading by 10 points.
Strategy hints at more buying as sellers press
Michael Saylor suggested that Strategy may make a second Bitcoin purchase this week. He posted the company's accumulation chart on X on Sunday, November 1, and the chart showed 848,517 BTC acquired through 119 buys at an average cost of about $75,446 per Bitcoin.
Meanwhile, Bitcoin declined 7.3% during October, reversing September's gains. CryptoQuant analyst Darkfost also noted that short-term holders sold over 36,600 BTC to exchanges at losses in 24 hours.
ETF outflows reverse four straight inflow periods
Net outflows from US spot Bitcoin ETFs reached about $643.2 million on October 30, their biggest one-day loss since June. The withdrawals ended four straight periods of positive inflows, with BlackRock's IBIT showing outflows of $233.7 million.
US spot Ethereum ETFs, for their part, saw 23 days of consecutive net outflows.
Technical indicators point to weak momentum
Bitcoin is recovering toward $78,000, but the Relative Strength Index sits close to 42, which shows continuous selling pressure. The MACD line is approximately -1,114, below the signal line at approximately -649.
If Bitcoin ends the week above $78,600, buyers may take the lead and aim at $80,000. However, failure to defend the $76,000 support zone could trigger another correction toward $74,800 and possibly $73,000.
Source: CoinGape
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