Bitcoin remained steady around $77,800 as traders eyed the upcoming US midterm elections and assessed ongoing uncertainties in the crypto market. This stabilization followed a volatile week, marked by ETF outflows and heightened security concerns impacting investor sentiment.
Key resistance and support levels in focus
Over the past weekend, Bitcoin traded within a narrow range after recovering from Friday’s decline, which had seen its price dip toward $76,000. The downturn was linked to a security breach at Binance that prompted widespread selling across multiple cryptocurrencies. Buyers helped Bitcoin rebound, but the asset continued to trade below the critical $80,000 mark.
Market participants currently identify the $78,800 to $80,100 range as the nearest significant resistance level for Bitcoin. According to Killa, a widely followed crypto analyst, Bitcoin must reclaim this zone before the short-term market outlook becomes more constructive. Otherwise, a failure to move upward could risk another drop toward recent lows.
Market observers are watching the $78,800 to $80,100 range closely, as any movement above this zone could signal improved buying momentum for Bitcoin.
Further complicating the market picture, US spot Bitcoin ETFs saw $643.2 million in outflows on October 30, erasing the gains from four prior sessions. This reversal resulted in a net weekly outflow of approximately $202 million. Weak ETF demand has added to the headwinds facing Bitcoin, particularly after the asset’s struggle to maintain its rally above $87,000 earlier in October.
| Date | ETF Net Flow | BTC Price Range |
|---|---|---|
| October 30 | -$643.2 million | $76,000 – $77,800 |
| Prior 4 sessions | +$441.2 million | $78,000 – $80,000 |
The Binance security incident, which affected an estimated $6.3 billion in crypto assets, triggered additional market volatility. Binance, one of the world’s largest cryptocurrency exchanges, committed to covering customer losses while continuing its investigation into the attack.
Mini dictionary: Binance is a leading global cryptocurrency exchange, frequently ranking among the largest in the world by trading volume. Binance offers a wide range of digital asset trading and also provides services such as staking, savings, and a launchpad for new projects.
Analysts debate post-election risks
As the US midterm elections approach, some traders are comparing Bitcoin’s recent correction to previous cycles coinciding with election years. Historical data shows a mixed record: following the 2010 and 2014 midterms, Bitcoin posted monthly gains of 30.91% and 6.61%, while in 2018 and 2022, the asset fell by 47.13% and 18.15% respectively.
These statistics highlight that past midterm periods brought significant volatility for Bitcoin but do not establish a direct causal relationship between elections and price direction. Some analysts are now warning that the current pullback could mirror previous corrections, with $73,000 and $75,800 flagged as important support levels.
If selling pressure intensifies, $73,000 will be in focus as a potential support, particularly given that it aligns with the short-term holder cost basis.
Ted, another market analyst, noted Bitcoin registered five corrections above 30% during the 2019–2021 rally and four corrections over 25% from 2023 through 2025. He suggested that the latest pullback may reflect the natural progression of an extended market cycle, though this remains speculative among market participants.
Looking ahead, Glassnode identified Bitcoin’s short-term holder cost basis near $75,800 as a key area to watch. A breakdown below this level could mean the average recent buyer falls into a loss position, putting further pressure on prices. Meanwhile, reclaiming the $78,800 to $80,100 resistance zone would be seen as an encouraging sign by market observers.
Traders are preparing to monitor ETF flows as US markets reopen, with the election results likely to act as the next significant catalyst for Bitcoin’s direction.
