Bitcoin Hits a Seven-Week Low at $75,618 Before Rebounding Above $78,000

Bitcoin (BTC) touched $75,618 on Tuesday, its lowest price in seven weeks, before recovering above $78,000 as markets absorbed Democrats’ victories in both chambers and crypto long liquidations neared $300 million. The price reached $75,618 on Bitstamp, a level last seen Sept. 16, then climbed to $78,039 within about three hours. The rebound followed a drop below $76,000. Crypto long liquidations totaled $288 million over the previous 24 hours. A long position is a trade that gains when an asset rises.