
AI-generated summary
Bitcoin price movements have historically been associated with market cycles around US midterm election periods.
Benjamin Cowen, one of the prominent names in the last 2 years, especially with his Bitcoin price analyzes on YouTube, touched upon the importance of the 83 thousand dollar level. In his latest publication, Cowen touched upon the importance of bitcoin closing below this level for two consecutive weeks and stated that the rise of $ 87 thousand could also be a bull trap.
A decline is expected with the midterm elections
Emphasizing once again that declines are generally seen in the Bitcoin cycle during midterm elections, Cowen stated that he did not agree with the idea that there would be an increase before the elections:
"I have always opposed the view that the market will not fall before the elections. In 2018, it fell by 11% before the election, and it fell by the same amount after the election. A similar situation occurred in 2022. The last decline came again after the election. The last big decline of Bitcoin in the bear market usually comes after the US midterm elections."

While IBM, Oracle, Intel and IonQ were added to the companies objecting to the tokenization of their shares in the USA, the total number of companies opposing the transactions within the New York Stock Exchange reached 26.

QCP Capital stated that the $78,000 support is critical in the Bitcoin market, which is suppressed by geopolitical tensions and ETF outflows. The balance sheet announcements of technology giants Microsoft, Alphabet and Amazon are expected to determine the short-term direction of the market.

The US midterm elections will determine the legal framework that will regulate the cryptocurrency market and the future of controls for the sector. While Democrats winning the majority could increase scrutiny, the industry is heavily funding elections through Fairshake.

Arthur Hayes announced that he made a profit by transferring ETH, ENA, UNI and other altcoin assets worth $ 22.28 million to OTC platforms.

In their joint letter to the SEC, six major crypto organizations demanded that digital commodity status not only remain in comments but be guaranteed by being included in official and binding rules.

Glassnode analysts stated that $ 80 thousand is the support level for Bitcoin and $ 87 thousand 700 is the resistance level. US inflation and ETF outflows stand out as short-term risk factors.