Bitcoin dropped to $77,600 at Tuesday’s Wall Street open, its lowest level since September 3, before recovering back above $78,000. The dip came as U.S. equities fell on news of fresh military escalation in the Middle East.
The S&P 500 fell 0.5% and the Nasdaq dropped 0.4% at the open. Oil markets reacted more sharply, with WTI crude pushing toward $95 per barrel and Brent crude nearing $100 for the first time since July 24.
U.S. forces struck multiple Iranian oil tankers near Kharg Island and the Gulf of Oman after Iranian forces attempted to target an American Navy warship. Iran’s Revolutionary Guards responded by threatening shipping near ports in Kuwait and Bahrain.
Tehran is also preparing a maritime exclusion zone around the Strait of Hormuz. Iranian officials warned that further U.S. attacks could bring retaliation against regional energy assets.
Iran-backed Houthis also widened the conflict, attacking four cities in southern Saudi Arabia with drones and missiles. Saudi authorities reported 73 people injured, with fires at energy facilities in Jazan and Abha.
Trader and analyst Rekt Capital drew comparisons to Bitcoin’s failed May breakout, when BTC/USD reached $82,800 before reversing, consolidating at $78,300, and eventually falling to lows near $57,000.
The retest of ~$78300 is now in progress$BTC #Bitcoin https://t.co/upWuzpGObA pic.twitter.com/qvqvadVvr4
— Rekt Capital (@rektcapital) September 8, 2026
“The retest of ~$78,300 is now in progress,” he wrote on X. He added that a weekly close below that level, followed by a bearish retest, “would likely confirm a breakdown.”
A failure at $78,300 would seal another lower high in a series stretching back to October 2025, keeping Bitcoin’s 2026 bear market intact.
Crypto analyst CryptosBatman noted on X that Bitcoin is back above the weekly 200 EMA but faces overhead resistance. He said the price is retesting a long-term downtrend while weekly RSI approaches descending resistance, adding that a clean breakout would be a major trend confirmation.
$BTC is back above the weekly 200 EMA, but the bigger resistance is still overhead.
Price is retesting the long-term downtrend while weekly RSI is approaching the same descending resistance.
A clean breakout here would be a major trend confirmation, while a rejection could send… pic.twitter.com/PrxhBlRScw
— BATMAN ⚡ (@CryptosBatman) September 8, 2026
Analyst Ted Pillows said a weekly close above $83,000 could support a move toward $100,000 this year. He noted that Bitcoin recently produced a daily golden cross but flagged that declining spot demand remains a concern.
$BTC just had a golden cross on the daily timeframe.
But the spot demand is declining.
If Bitcoin manages a weekly close above $83,000, a pump to $100,000 could happen this year.
I’ve got a special deal for my community: trade with me and get a $25 bonus when you trade $50:… https://t.co/9xlZ1TJShL pic.twitter.com/o9ahkKnHIP
— Ted (@TedPillows) September 8, 2026
Analyst Michaël van de Poppe argued Bitcoin’s recent correction may be close to completion, identifying $72,000 to $74,000 as a deeper buying zone if prices decline further.
Brent crude settled at $98.63 per barrel on Tuesday as conflict in the Gulf continued to pressure energy markets.
The post Bitcoin (BTC) Price: BTC Clings to $78K Support as Iran Conflict Escalates and Oil Spikes appeared first on CoinCentral.
