Bitcoin Slips to $75,500 as Tech Selloff Erases Post-Midterms Rally
Bitcoin climbed above $80,800 after Tuesday's US midterms but reversed toward $75,500 by Thursday as Wall Street's tech stocks sold off sharply.
Bitcoin's post-election advance proved short-lived, with the asset giving back its gains within roughly 48 hours. According to a BeInCrypto report, the cryptocurrency rose above $80,800 following Tuesday's US midterms before falling toward $75,500 on Thursday, November 5.
The pullback coincided with a steep decline in technology shares, described as Wall Street's worst tech selloff in months. That backdrop suggested Bitcoin's upward move had been resting on shaky ground rather than sustained demand.
A brief rally, then a reversal
The sequence traced a familiar pattern: an initial burst of optimism tied to a macro event, followed by a rapid unwind once broader risk assets turned lower. Bitcoin's move higher lasted about a day before sellers took control.
The episode highlights how closely Bitcoin has traded alongside equities during periods of market stress, with sentiment in tech stocks often setting the tone for crypto's short-term direction. The report did not specify what triggered the equity selloff beyond its severity.
At the time of the report, attention was on whether Bitcoin could hold above the mid-$70,000 area or whether the reversal marked the start of a deeper retracement. Neither outcome had been settled by the close of the 48-hour window described.