Bitcoin fell below $77,000 after the Democratic sweep of the House and the Senate, a scenario many investors view as less favorable to cryptocurrencies. According to Santiment, retail sentiment has turned bearish, with only 0.51 bullish comments for every bearish comment. Weak spot demand, prolonged futures liquidations and a third rejection of bitcoin dominance around 61% are weighing on the market. Although the Fear and Greed Index has risen by more than 30% since the election, there are still no clear signs of accumulation, maintaining a sharp divergence between sentiment and underlying demand. A 30% correction, comparable to those seen after some previous elections, remains possible if selling linked to the midterms resumes.
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