Bitcoin Slides to Lowest Since September 3 Amid Escalating Middle East Tensions
Bitcoin (BTC) faced renewed selling pressure on Tuesday as tensions in the Middle East weighed on global risk assets and pushed crude oil prices sharply higher.
The cryptocurrency fell below $78,000 during the opening of Wall Street trading, reaching an intraday low of around $77,600 before recovering slightly. This decline marked Bitcoin's lowest level since September 3.
The broader financial market also came under pressure as investors reacted to renewed geopolitical concerns following reported Houthi strikes on Saudi Arabian cities and energy infrastructure.
Oil prices recorded a stronger reaction to the escalating tensions, with US West Texas Intermediate (WTI) crude climbing toward $95 per barrel, its highest level since June 8. Brent crude also moved toward the $100 mark, hitting levels not seen since July 24.
Market analysts are closely watching the $78,300 level, which has emerged as a key support zone for Bitcoin. Rekt Capital noted that this region could become an important test for Bitcoin's near-term direction, with a weekly close below this level followed by a bearish retest potentially signaling a further breakdown.