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Bitcoin Holds Above 100-Day Moving Average Ahead of US Midterm Elections
Bitcoin (BTC) maintained its position above its 100-day moving average on Monday, as crypto markets anticipated the US midterm elections, tech earnings, and economic data. The US midterm elections, which determine control of Congress, are expected to have a bearish impact on Bitcoin prices, with prediction market traders favoring a Democratic victory in the House of Representatives. Bitcoin has historically fallen in the fourth quarter of midterm election years, with declines of 17.3% in 2014, 43.5% in 2018, and 14.8% in 2022. The upcoming US job openings data and nonfarm payrolls report are expected to influence Federal Reserve policy and crypto market liquidity.