Bitcoin, Ethereum, XRP and Dogecoin are extending their pullback, with traders showing little appetite to price in a major election-driven shock to crypto policy even as U.S. Treasury yields remain near 5% and credit stress edges higher.
Bitcoin, Ethereum, XRP and Dogecoin extend pullback
The move matters because crypto has increasingly traded as a liquidity-sensitive risk asset, and the latest price action suggests investors are still waiting for a clearer catalyst before buying the dip. The 10-year Treasury yield was forecast at 4.893% on Nov. 3 after holding around 4.91% on Nov. 2, while the Bloomberg high-yield spread was 3.43% and seen widening to 3.53%, a mix that typically keeps pressure on speculative assets.
Bitcoin was last at $78,102.11, down from $78,248.45 at the open on Nov. 4 and well below its 50-day moving average of $81,946.12, with its RSI at 27.9, a reading that signals oversold conditions but not yet a decisive reversal. Ethereum slipped to $2,299.99 from $2,271.97 at the open, also below its 50-day moving average of $2,504.10, while XRP was little changed at $1.27 and Dogecoin continued lower in sympathy with the wider market.
The selling comes even as one analyst dismissed the midterm-election “fear” narrative, arguing that even if Democrats gain ground, “nothing big” is likely to happen for crypto. That matters for investors because the market has been inclined to trade election headlines as a binary regulatory event, but the recent slide suggests macro factors — especially higher-for-longer rates and tighter financial conditions — remain the bigger driver.
The technical backdrop is mixed. Bitcoin’s 200-day moving average is still above current prices at $73,169.49, leaving the long-term trend intact, but the short-term setup remains fragile with momentum indicators weak and the token trading near the lower end of its Bollinger Band range. Ethereum’s RSI at 29.3 and XRP’s at 33.3 point to similar fatigue, while neither token has yet reclaimed key moving averages.
For crypto-linked stocks, the message is straightforward: the market is not rewarding election speculation, and it is not yet ready to bet on a fast rebound in digital-asset trading volumes. That leaves Bitcoin and its larger altcoin peers vulnerable to further volatility if yields stay elevated, credit spreads widen further or election results fail to produce the policy shift some traders had positioned for.
| Entity | Gains | Losses |
|---|---|---|
| Bitcoin bulls | ▲Oversold setup | ▼Weak momentum below 50-day average |
| Ethereum bulls | ▲Lower support near Bollinger band | ▼Policy catalyst still missing |
| XRP and Dogecoin traders | ▲Election fear may prove overstated | ▼Broad risk-off pressure |
| Crypto exchanges and brokers | ▲Volatility can lift activity | ▼Slumping prices curb trading volumes |
