Bitcoin (BTC) Price: Bitcoin Shrugs Off Democratic Sweep and Binance Hack in One Week

TLDR

Bitcoin rose 3.5% to about $80,500 on Wednesday after the US midterm elections. Ether gained nearly 6% to $2,433, while Solana and XRP rose about 2.5%. Crypto futures volume climbed 27%, but open interest rose only 3%. WTI crude fell below $93 per barrel as hopes grew for an end to the US-Iran war. Analysts are watching the $76,000 to $78,000 support zone and a hold above $80,000 to $82,000.

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Bitcoin (BTC) climbed back above $80,000 on Wednesday, one day after the US midterm elections. The price reached about $80,500 at the start of the Wall Street session. That was up roughly 3.5% to 4% on the day.

Bitcoin (BTC) Price

The move came after Bitcoin hit its lowest level in seven weeks. The dip followed a hack at Binance earlier this week. Prices have now recovered those losses.

Democrats won control of both chambers of Congress in the vote. The Kobeissi Letter said the party flipped seven Senate seats and 25 House seats. The trading resource called it one of the largest shifts in US political power in nearly two decades.

BREAKING: Democrats have now flipped 7 seats in the Senate and 25 seats in the House, their largest gains since 2008 and 2018, respectively.

This marks one of the largest shifts in US political power in nearly two decades.

— The Kobeissi Letter (@KobeissiLetter) November 4, 2026

US stock futures first fell on the news. S&P 500 futures dropped to 7,490 points, their lowest level since July 31. They then rebounded to 7,690 points. The Kobeissi Letter described the early dip as a “textbook bear trap.”

Other crypto assets also moved higher. Ethereum rose nearly 6% to $2,433. Solana and XRP each gained about 2.5%.

How Traders Positioned After the Vote

Nexo analysts said futures fell as much as 2.5% on early vote counts. They then recovered fully. The firm said investors saw the result as adding clarity, not changing the growth story.

Nexo’s data showed traders adjusting existing positions instead of adding leverage. Crypto futures volume rose 27%, while open interest rose only 3%. Bitcoin open interest grew more slowly than its price.

About $469 million in leveraged positions were cleared out. Market orders also shifted to a slight net buying bias after favoring sellers the day before. The most actively traded Bitcoin options are mostly calls.

On-chain analytics firm Glassnode said traders are still active after the pullback. It noted that volume sank to its lowest since 2023 before the August spike. Volume has stayed above that August level despite the recent drop. Glassnode said this points to steady interest after months of low activity.

bitcoin:native traders are still here after the retrace.

Before the spike in August, volume had sunk to its lowest since 2023.

Despite BTC pulling back over the last weeks, volume has stayed above this August level.

This indicates sustained interest in crypto after months of… pic.twitter.com/5JCw4sVTaP

— glassnode (@glassnode) November 4, 2026

Trader Cheds Trading pointed to a weekly chart pattern. He said an inverse head and shoulders with an ascending neckline, if completed, would give a measured move to $125,000.

$BTC measured move $125,000 if this I-HNS with ascending neck-base completes on weekly pic.twitter.com/e9jJplWClV

— Cheds Trading (@BigCheds) November 4, 2026

CoinShares head of research James Butterfill said a wider “relief rally” is possible as election uncertainty fades. He added that real yields, dollar liquidity and exchange-traded product flows still matter more than the elections. He said falling oil prices could ease inflation pressure and moderate rate hike expectations.

Oil did fall sharply. WTI crude dropped below $93 per barrel, a three-week low. It was down as much as 11.9% for the week. Brent crude neared levels below $100 for the first time since Oct. 7.

Iran’s parliament speaker, Mohammad Bagher Ghalibaf, wrote on X that voters had “said NO TO WAR.” Hopes for an end to the US-Iran war helped push crude lower. President Donald Trump said earlier Wednesday that the conflict was partly to blame for Republican losses.

Economist Robin Brooks wrote that oil markets had priced in too high a risk premium before the vote. He said the key question is whether the President scales back or escalates the war with Iran.

Crypto-linked stocks rallied as well. Strategy and Coinbase each gained about 6%. Strategy’s STRC preferred stock hit $100 for the first time since May. Block jumped 15% after earnings, and Strive rose about 12%.

Strategy Executive Chairman Michael Saylor said the case for holding Bitcoin “crosses party lines.” The Official Trump (TRUMP) memecoin fell 17%.

What Bitwise and 21Shares Said About the Binance Hack

Bitwise CIO Matt Hougan wrote that the market’s muted reaction to the hack shows a more mature industry. He studied the 10 largest crypto hacks in history. Bitcoin finished higher 30 days later in five cases and lower in five.

Hougan said Bitcoin’s drop of about 4% after the breach matched other risk assets. He noted that Binance was hacked, not the Bitcoin network. The stolen funds sat in online hot wallets at a large exchange.

He pointed to institutional custodians, cold storage and spot Bitcoin ETFs as safer ways to hold the asset. ETF holdings sit in offline storage and need multiple withdrawal approvals.

Matt Mena, crypto research strategist at 21Shares, said the market handled the event well. He wrote that the drawdown was far smaller than in past crises. He said protocols kept running and banks, payment networks and asset managers kept launching onchain products.

Mena is watching four items in November. One is whether Bitcoin holds $76,000 to $78,000 and stays above $80,000 to $82,000. The others are Binance’s withdrawal progress and reserve proof, credit spreads with oil and long-term Treasury yields, and the return of ETF inflows.

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