Bitcoin Faces Critical Support Test Amid Oil Price Surge
Bitcoin's price dipped below $78,000 on Tuesday, marking its lowest level since September 3. The sudden drop in value came as risk assets fell globally due to renewed Middle East tensions.
The price of WTI crude oil surged towards a three-month high near $95 per barrel following reports of Houthi strikes on Saudi Arabian cities and oil infrastructure. This surge had a pronounced effect on US stocks, with the S&P 500 and Nasdaq Composite Index falling by 0.5% and 0.4%, respectively.
According to Rekt Capital, Bitcoin's current price action bears resemblance to its failed May breakout. If the current support zone fails to hold at $78,300, it would confirm a breakdown, sealing another lower high in a series stretching back to October 2025 and solidifying the bear market of 2026.