Bitcoin Fights for Key Support as US Crude Surges to Three-Month High

Bitcoin's price dipped below $78,000 on Tuesday's Wall Street open after US equities fell due to renewed Middle East tensions.

The dip was short-lived as prices rebounded modestly, but the situation is a concern for Bitcoin bulls who are watching the key support level of $78,300 closely.

According to analysis by Rekt Capital, if Bitcoin fails to hold this zone, it could confirm a breakdown similar to its May performance when the price dropped from $82,800 to near $57,000.

The reason for the current drop is largely due to rising oil prices after US crude surged toward $95 per barrel on news of Houthi strikes on Saudi Arabian cities and oil infrastructure.