Bitcoin breaks the bearish trend seen in the last three U.S. midterm elections, with the current price above the 200-day moving average

Bitcoin was below the 200-day moving average on U.S. midterm election days in 2014, 2018, and 2022, being approximately 35%, 9%, and 22% lower, respectively. However, this year is different. Currently, the price of Bitcoin is about $76,990, which is 5.2% higher than the 200-day moving average of approximately $73,169, indicating a relatively strong long-term trend.

Martin Lee, head of research at DWF Labs, stated that historical data shows that the initial months following midterm elections typically see Bitcoin's performance being volatile or slightly bearish, but it has risen in the subsequent 12 months. He believes that the long-term historical trend is favorable for Bitcoin, but short-term volatility should still be monitored, especially with the impact of escalating geopolitical conflicts and AI trading continuing to weigh on risk assets.