Bitcoin faces key support test at $78.3K as US crude oil hits three-month high

Bitcoin fell below $78,000 at the opening of Tuesday’s Wall Street session as risk assets cooled amid renewed tensions in the Middle East. TradingView data showed BTC/USD sinking as low as $77,600 before a partial rebound, marking the first close under $78,000 since Sept. 3.

The sell-off in crypto came alongside pressure on US equities in the first trading day after the Labor Day holiday. At the time of reporting, the S&P 500 and the Nasdaq Composite were down about 0.5% and 0.4%, respectively, as markets digested reports of Houthi strikes on Saudi cities and oil infrastructure.

Oil reacted more sharply to the geopolitical developments: US WTI crude approached $95 per barrel, its highest level since June 8, while Brent was pushing toward the $100 mark, a level not seen since July 24. Commentators noted that a concurrent record rise in US diesel is feeding higher inflation expectations ahead of this week’s US Consumer Price Index release.

Market-watchers flagged a technical danger for Bitcoin if the roughly $78,300 zone does not hold. Analyst Rekt Capital compared current price action to a failed breakout in May, when BTC topped near $82,800 before reversing, consolidating near $78,300 and eventually dropping to new macro lows around $57,000. He warned that a weekly close below $78,300 followed by a bearish retest could confirm a renewed breakdown and extend a pattern of lower highs stretching back to October 2025.

The coverage included wider market context: reports of the oil-price spike prompted a reaction on social media from former US president Donald Trump, who predicted much lower gasoline prices if the US wins a conflict with Iran. The article reiterates that its content is informational and not investment advice.