Bitcoin faces key support test at $78.3K as US crude oil hits three‑month high

Bitcoin slipped below $78,000 during the opening of Tuesday’s Wall Street session, mirroring a drop in US equities amid renewed Middle East tensions.

Market backdrop

US stocks opened lower, with the S&P 500 down 0.5% and the Nasdaq Composite down 0.4% following reports of Houthi strikes on Saudi Arabian cities and oil infrastructure. At the same time, WTI crude oil surged toward $95 per barrel, its highest level since early June, while Brent crude approached the $100 mark for the first time since late July.

Bitcoin’s price action

TradingView data showed BTC/USD briefly touching $77,600, the lowest level since early September, before rebounding modestly. The cryptocurrency now faces a critical support level at $78,300. Analyst Rekt Capital warned that a failure to hold this zone could trigger a further decline, potentially confirming a bearish pattern that began with a failed breakout in May.

Implications for the broader market

The oil price spike contributed to heightened inflation expectations, as noted by The Kobeissi Letter, and comes ahead of a Consumer Price Index release later in the week. While US President Donald Trump commented on the oil surge, the immediate impact on crypto markets remains tied to the technical support test for Bitcoin.