## Crypto Markets Retreat After Trump Election Defeat Bitcoin, Ethereum and XRP are all sliding lower today as crypto markets react to Trump's election loss in midterms. Democrats now control both chambers of Congress, creating a significant shift in Washington that affects crypto regulation and legislation.
Bitcoin Faces Technical Pressure Below Key Support
Bitcoin is currently trading at $75,746, down 3.9% over the past week despite a 1.1% gain in the last 24 hours. The cryptocurrency has now closed two three-day candles below the $80,000 to $82,000 support zone, confirming the break lower.
The long-term picture remains intact with the weekly chart's Supertrend still green and a bullish divergence in place, the last signal seen at the end of the 2022 bear market before a multi-year uptrend. Current support sits between $75,000 to $76,000, with a short-term target near $76,200 to $76,300 where sell orders and liquidity cluster.
The former $80,000 to $82,000 support is now expected to act as resistance. If Bitcoin bounces back to the $80,000 to $82,000 zone, gets rejected and then falls back to $75,000 to $76,000, it could complete a head-and-shoulders pattern pointing toward the $60,000 range.
Ethereum Maintains Support at Lower Levels
Ethereum is trading at $2,288, up 1.7% in 24 hours but down 2.6% over 7 days. The cryptocurrency faces resistance at $2,350 to $2,400 where former support has turned into resistance. Key support sits around $2,200, followed by a stronger floor at $1,900 to $2,000.
The technical picture shows similar weakness to Bitcoin, with the asset struggling to maintain momentum above key resistance levels.
XRP Faces Immediate Support Test
XRP is trading near $1.27, down 3.9% over 7 days after a 1.9% gain in the last 24 hours. The cryptocurrency is now testing immediate support between $1.22 to $1.23, with the next level around $1.16.
A clear break below $1.24 to $1.25 could push XRP down further, while resistance remains at $1.28 to $1.29, a level XRP was just rejected from. The daily chart shows a series of lower highs and lower lows, with sellers firmly in control.
Altcoins Struggle Under Bearish Pressure
Cardano is trading near $0.1908, struggling below the $0.215 resistance level with bears maintaining control. Support sits around $0.185 to $0.190, with a potential drop to $0.160-$0.165 if this level breaks. Near Protocol is also under pressure, down from $6.00 to $3.91, with key support at $3.75. Zcash is trading around $1,208, defending key support at $1,150 to $1,180.
Market Awaits Crypto Regulation Changes
For now, crypto is taking its direction from the stock market more than from Washington. Traders will watch whether Bitcoin holds $75,000 and whether the political shift in Congress changes the outlook for stalled crypto legislation like the CLARITY Act, which has already stalled in Congress.
The divided government means new regulations may face even longer delays as Democrats and Republicans negotiate their approach to crypto oversight.