Bitcoin risks drop below $76K as 7% oil slide fails to spark BTC price rally
Bitcoin fell around 1.7% on Monday as stocks pared early gains fueled by hopes of a diplomatic resolution to the US-Iran war.
Bitcoin prices slipped about 1.7% on Monday, falling below the $77,000 mark as the cryptocurrency market failed to rally from a 7% drop in oil prices. The decline in oil prices was attributed to comments from US Secretary of State Marco Rubio, who expressed hopes for a diplomatic resolution to the US-Iran conflict. The oil price drop sent WTI crude to around $96.50 per barrel, a 7% decrease, while Brent crude fell by 9% to approximately $103.30.
Despite the initial market optimism, Wall Street stocks initially rose following expectations of a diplomatic resolution, but the rally was soon dampened ahead of upcoming third-quarter earnings reports. Gold managed to hold onto its 2% daily gains, rebounding past $3,950 per ounce after reaching a 13-month low of $3,891. Analysts warned that Bitcoin could potentially fall below the critical $76,000 support level, following its unsuccessful attempt to break through the $78,500 resistance level.
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