Bitcoin edged higher during Tuesday’s Wall Street trading session, defending recent lows near $76,300 as investors assessed uncertainty surrounding the US midterm elections and a rebound in technology stocks.
According to TradingView data, BTC gained around 0.7% and traded near $77,000. Analysts at The Kobeissi Letter said financial markets appeared to be pricing in two years of potential political gridlock, with expectations of Democratic gains raising concerns about legislative uncertainty in the US.
US stocks faced mixed pressure, with Apple shares attempting to recover after falling in premarket trading. The company forecast gross margins of 45% to 46% for the December quarter, compared with 47.9% in the previous quarter, citing higher memory-chip costs. The S&P 500 and Nasdaq had closed Monday down 0.5% and 1.1%, respectively.
Meanwhile, oil prices declined despite fresh US strikes targeting Iran’s Qeshm Island. West Texas Intermediate (WTI) crude initially rose to $98.80 per barrel before falling below $94, reaching $93.59, its lowest level since October 15. The decline followed a 7% drop on Monday after comments about the possibility of a diplomatic resolution to the US-Iran conflict.
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