Bitcoin rebounded after hitting a seven-week low, with 10x Research stating that it is oversold

According to a report by the Financial Associated Press, Bitcoin has rebounded from an earlier sell-off after hitting a seven-week low. Investors are weighing the expectations that the Democratic Party will achieve a comprehensive victory in the U.S. midterm elections and its impact on the cryptocurrency industry.

Thielen, head of the cryptocurrency market research firm 10x Research, stated that Bitcoin is rebounding as people are now hopeful for the resumption of peace talks, given that Trump has indicated he will respect the election results and American voters have voted against the war. The war he referred to is the conflict with Iran that broke out in February of this year. Thielen also mentioned that Bitcoin is currently in an oversold state and is expected to rebound.