Bitcoin Risks $57,700 After Democrats Win Congress

Bitcoin is trading near $74,500 after Democrats won control of the House of Representatives and Senate in the November 2026 midterm elections. The result could make it harder for President Donald Trump to advance crypto legislation, although some Democratic lawmakers support crypto innovation and regulatory development.

The political shift comes as Bitcoin faces pressure from trade tensions with China, the US-Iran conflict, inflation concerns and a reported security incident at Binance.

Bitcoin is trading within a technical area known as a Fair Value Gap, which extends from about $65,000 to $77,000. The zone’s midpoint is near $71,467. Traders use Fair Value Gaps to identify price areas where buying and selling were previously imbalanced and where prices may later return.

A sustained decline below $65,000 could strengthen the bearish outlook and place the next major downside target near $57,700. If buyers continue to support the zone, Bitcoin could remain within its current recovery pattern.

Bitcoin rallied after Trump won the 2024 presidential election, as investors anticipated policies favorable to the crypto industry. The cryptocurrency traded at about $66,803 on Nov. 4, 2024, rose to $77,252 four days later and reached $90,000 for the first time during the second week of November.

During his campaign, Trump pledged to make the United States a global crypto leader, establish a national Bitcoin reserve and introduce regulations more favorable to crypto companies. On March 6, 2025, he signed an executive order creating a Strategic Bitcoin Reserve. The order directed the government to retain eligible Bitcoin seized through legal proceedings instead of selling it.

Market conditions deteriorated in April 2025 after Trump introduced tariffs on imported goods. China responded with additional tariffs on US products. Bitcoin fell to about $74,500 from $88,466 during the resulting market sell-off.

The US-Iran conflict has added pressure by pushing oil prices higher and increasing inflation concerns. Persistent inflation could limit the Federal Reserve’s ability to cut interest rates. Higher rates can reduce demand for riskier assets such as Bitcoin.

A reported security incident at Binance has added to market concerns. Hackers reportedly stole $6.34 billion in Bitcoin and Ethereum from the exchange on Oct. 29. Binance intercepted $2.85 billion and replenished the affected assets, according to the source. The incident has contributed to negative market sentiment.

Reviewed and fact-checked by Alex Panasenko on November 9.