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Bitcoin (BTC) dipped below $78,000 at Tuesday’s Wall Street open as risk assets fell on renewed Middle East tensions.
Key points:
- Bitcoin briefly dropped under $78,000 for the first time since Sept. 3, following downside pressure on US equities.
- WTI crude oil hit three-month highs near $95 per barrel on renewed military strikes in the Middle East.
- Bitcoin needs to hold $78,300 to avoid a repeat of its May breakdown, analysis warns.
Bitcoin, stocks fall as Middle East woes spark oil surge
Data from TradingView showed BTC/USD dropping as low as $77,600 before a modest rebound, its lowest levels since Sept. 3.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
News of Houthi strikes on Saudi Arabian cities and oil infrastructure pressured US stocks at the start of the first trading session after the Labor Day holiday. The S&P 500 and tech-heavy Nasdaq Composite Index were down by 0.5% and 0.4%, respectively, at the time of writing.
S&P…
