Bitcoin Tumbles Below $78K as Oil Prices Soar to Three-Month High

Bitcoin briefly traded below $78,000 on Tuesday after US equity markets declined and crude oil prices surged to a three-month high.

The drop marked Bitcoin's first move under $78,000 since September 3, with BTC/USD hitting as low as $77,600 before recovering slightly.

Trader Rekt Capital noted that the market is 'copying' a failed May breakout scenario, highlighting $78,300 as a key support level.

A weekly close below ~$78,300 followed by a bearish retest would likely strengthen the case for another breakdown, according to Rekt Capital.