Bitcoin Tests Key Support at $78.3K as Oil Prices Rise
Bitcoin falls below $78,000 as stocks sink and oil spikes higher Watch $78,300 closely for the next move and possible downside risk
Bitcoin fell below $78,000 at the start of Tuesday’s Wall Street session as weaker US stocks and rising oil prices weighed on risk assets.
The move came after renewed tensions in the Middle East pushed WTI crude to a threemonth high near $95 a barrel, while the S&P 500 and Nasdaq also traded lower. Traders said Bitcoin briefly dropped to around $77,600 before recovering somewhat.
Analysts are watching the $78,300 area closely, saying a weekly close below that level could mirror Bitcoin’s failed May breakout and suggest further downside in the current market trend.