Bitcoin Edges Up But Momentum Remains Fragile — Market Talk
Bitcoin edges up but struggles to reclaim $78,000. Sentiment remains fragile after the Binance hack, and all eyes are on the U.S. midterms. Historically, Bitcoin sells off after midterms before rebounding, says Nic Puckrin, founder of Coin Bureau. But post-election bounces are usually driven by the removal of political uncertainty and traders remain worried about a possible re-escalation in the Middle East. The AI trade that's been propping up the stock market is faltering, and the Fed is likely to resume rate hikes, Puckrin adds. None of that is conducive to a stock rally, or for crypto. Bitcoin has a great deal of support around $76,000 that could keep it range-bound. A break below $75,000 would open the door to more downside. Bitcoin rises 0.4% to $77,038. ([email protected])