- The US mid-elections may change the sentiments towards cryptocurrencies within the political establishment.
- BTC/USD remains under pressure, but the downside to be limited by $6,400.
Meanwhile, the US mid-elections might prove successful not only for Democrats but also for Bitcoin enthusiasts. Jared Polis, a Democratic candidate in Colorado won the governor race and defeated his Republican rival Walker Stapleton.
Polis is known as an active supporter of blockchain technologies, moreover, his voting campaign includes a promise to turn Colorado into a cryptocurrency hub.
“My goal is to establish Colorado as a national hub for blockchain innovation in business and government. I believe strong leadership will put Colorado at the forefront of innovation in this sector—encouraging companies to flock to the state and establishing government applications that save taxpayers money and create value for Colorado residents,” he said.
And this is not the only victory that may change the tide for the crypto community in the USA. In California, Gavin Newsom won the race over Republican John Cox. Newsom has been engaged in the crypto industry since 2014 when he started accepting donations in Bitcoins.
What’s happening with Bitcoin right now
One Bitcoin goes for $6,449 at the time of writing, down 0.8% in recent 24 hours. The short-term technical picture signals that more selling may be in store; however, the downside is likely to be limited by $6,400 handle, strengthened by a cluster of SMA levels, including SMA50 and SMA200 (4-hour). On the upside, $6,500 must be reclaimed to mitigate the bearish pressure.
BTC/USD, 4-hour chart