After Bitcoin's midterm rebound, a November dip to $72,500 looks unlikely

Traders now see a fall in Bitcoin to $72,500 at some point in November as unlikely. On Wednesday morning they treated it as a toss-up. The likeliest reason is a rebound in the price, CoinDesk reported, though no source ties it directly to bets on this outcome.

CoinDesk said Bitcoin recovered from roughly $75,600 to above $78,000 on Wednesday as uncertainty over the U.S. midterm elections eased. The rebound put the price farther from $72,500. Earlier in the day, Bitcoin had dropped from near $78,000 to about $75,700 as early returns pointed to Democrats taking Congress. Analysts cited by CoinDesk also pointed to buying of bitcoin call options, while outflows from exchange-traded funds suggested demand remained weak.

The bets slid in steps. Expectations of a dip to $72,500 eased through the early morning and held roughly steady in the middle of the day. They dropped further in the afternoon to their current level, a clear slide from where they began.

The move fits the wider pattern for Bitcoin's low point this month. Across the month's price questions, traders' expectations for the lowest price center above $75,000, with a range from $65,500 to above $75,000. The center was $73,000 when the story began. A dip to $75,000 is now a toss-up, down from likely. Dips to $70,000 or $67,500 are unlikely, and falls to $65,000 or lower are long shots.

The picture is not settled. A live quote showed Bitcoin at about $80,525 when checked, but that quote alone does not establish the price that would count for this question, or whether $72,500 was reached earlier in November.

The question stays open for the rest of the month. A fall to $72,500 would meet the threshold, while a sustained recovery would leave the price farther away. CoinDesk reported that traders are watching flows into and out of Bitcoin funds and the U.S. jobs report due Nov. 6.