Bitcoin drops below $78K as US crude oil surges to three-month high on Middle East tensions
Bitcoin fell below $78,000 alongside US stocks as renewed Middle East tensions pushed crude oil to three-month highs.
Why it matters
The correlation between geopolitical events, oil prices, and crypto assets highlights Bitcoin's continued sensitivity to macro risk-off moves. The strength of support at $78,300 is being watched as a technical level that could determine short-term direction.
Key facts
Bitcoin dipped below $78,000 at the Wall Street open, dropping to $77,600 before rebounding
77,600 USDReported by Cointelegraph
Bitcoin hit its lowest level since September 3
Reported by Cointelegraph
Bitcoin needs to hold $78,300 support to avoid a repeat of its May breakdown
78,300 USDReported by Cointelegraph
WTI crude oil surged toward $95 per barrel, its highest since June 8
95 USDReported by Cointelegraph
Brent crude targeted the $100 mark for the first time since July 24
100 USDReported by Cointelegraph
The S&P 500 fell 0.5% at the time of writing
0.5 %Reported by Cointelegraph
The Nasdaq Composite Index fell 0.4% at the time of writing
0.4 %Reported by Cointelegraph
Houthi strikes on Saudi Arabian cities and oil infrastructure pressured US stocks
Reported by Cointelegraph
What happened
Bitcoin dipped below $78,000 at the open of Tuesday's Wall Street trading session, hitting $77,600 before a modest rebound, marking its lowest level since September 3. The decline was triggered by renewed Houthi military strikes on Saudi Arabian cities and oil infrastructure, which pressured risk assets broadly. WTI crude oil surged toward $95 per barrel, its highest since June 8, while Brent crude approached the $100 mark for the first time since July 24. The S&P 500 fell 0.5% and the Nasdaq Composite dropped 0.4% at the time of writing. Analysis warned that Bitcoin must hold $78,300 as support to avoid a repeat of its May breakdown. The story is based on a single source, Cointelegraph.
How the story developed
- Update
Bitcoin drops below $78K at Wall Street open
BTC fell to $77,600 before a modest rebound, lowest since September 3
- Update
WTI crude oil hits three-month high near $95 per barrel
Surge triggered by Houthi strikes on Saudi Arabian cities and oil infrastructure
- First report
First report by Cointelegraph
Bitcoin faces key support test at $78.3K as US crude oil hits three-month high
Affected entities
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Cointelegraph Crypto media | Bitcoin faces key support test at $78.3K as US crude oil hits three-month high | Original |
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