Bitcoin slid alongside US equities at Tuesday’s Wall Street open, with price action moving back into a key support zone as oil jumped on renewed tensions in the Middle East.
Oil surge weighs on risk assets
TradingView data cited by Cointelegraph showed BTC/USD falling as low as $77,600 before a modest rebound. The dip briefly took Bitcoin below $78,000 for the first time since Sept. 3.
The report said 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. At the time of writing, the S&P 500 was down 0.5%, while the tech-heavy Nasdaq Composite Index had fallen 0.4%.
Oil reacted more sharply. US WTI crude rose toward $95 per barrel, its highest level since June 8, while Brent crude moved toward the $100 mark for the first time since July 24.
Commenting on a simultaneous record rise in US diesel prices, trading resource The Kobeissi Letter wrote that 「inflation expectations continue to mount as a result.」 Cointelegraph said that trend has been especially visible in the Consumer Price Index, with the next CPI release due on Friday.
In a Truth Social post on Monday, US President Donald Trump played down the oil spike and said prices would fall later. He wrote: 「Oil prices will drop precipitously, like everything else is dropping (but more!), when we WIN the war with Iran. Three Dollars a gallon, but ultimately, below Two Dollars a gallon.」
Rekt Capital points to $78,300 as the line to hold
On Bitcoin’s chart structure, trader and analyst Rekt Capital took a cautious view and compared the current setup with the failed breakout seen in May.
In that earlier move, BTC/USD climbed to $82,800 before reversing. It then consolidated around $78,300 and later dropped to new macro lows near $57,000.
In a post on X, he said: 「The retest of ~$78300 is now in progress.」
If the current area fails as support, BTC/USD would lock in another lower high in a sequence stretching back to October 2025, leaving the 2026 bear market structure intact, according to his analysis.
In a separate post on X, Rekt Capital wrote: 「Ultimately, a Weekly Close below $78300 followed by a bearish retest just like in early May would likely confirm a breakdown.」