Bitcoin Tumbles Below $78K as Middle East Tensions Fuel Oil Surge

Bitcoin briefly dipped below $78,000 on Tuesday's Wall Street open due to renewed Middle East tensions, causing risk assets to fall.

US crude oil hit a three-month high near $95 per barrel following military strikes in the region.

According to Rekt Capital, Bitcoin needs to hold its current support zone of around $78,300 to avoid another potential breakdown, echoing its May failure to break through this level.

The trader and analyst noted that if the current price fails to hold at $78,300, it could confirm a breakdown and seal another lower high for Bitcoin, keeping its 2026 bear market intact.

US president Donald Trump downplayed the oil spike in a recent post on Truth Social, promising lower prices in the future.