Bitcoin: Midterms Trigger Correction After High Sweep

Bitcoin corrects at the start of the week as Michaël van de Poppe weighs two drivers. On the fundamental side, he points to tomorrow's midterms and the market's sensitivity to political uncertainty. On the technical side, he sees a standard retracement after sweeping the recent high.

The analyst marks the $77,200-77,500 area as the key zone that must hold. A break lower opens the path to the $75,000 lows, while a reclaim of $78,900 would accelerate upside momentum.

Bitcoin trades at $77050.23 inside the Bollinger Bands with the lower support at $76852.14 and upper resistance at $78551.01. The structure remains bearish as price sits below both the EMA50 at $79003.7 and the EMA200 at $81051.65, yet the MACD golden cross at -414.25 and neutral RSI at 36.89 indicate fading downside pressure. Price action near the lower band therefore sets up a test of the $77200 confluence zone before any sustained directional move develops.