Bitcoin slips below $77,000 as Rekt Capital warns of sub-$76,000 risk

Key points

• WTI crude fell over 7% to about $96.50 a barrel, after touching $95.15, its lowest since 15 Oct.
• Rekt Capital says the three-day bearish retest succeeded and price could fall below about $76,000.

Bitcoin risked a drop below $76,000 on 2 November after failing to hold gains above $77,000, Cointelegraph reported. The largest cryptocurrency fell about 1.7% after the Wall Street open, having reached a local high of $78,750 following Sunday's weekly close.

Hopes of a diplomatic end to the US-Iran war had lifted risk assets early in the day. US Secretary of State Marco Rubio told reporters that President Donald Trump would prefer to resolve the conflict peacefully, comments that sent oil sharply lower. WTI crude fell more than 7% to about $96.50 a barrel, after touching $95.15, its lowest since 15 Oct, while Brent was 9% lower at around $103.30.

Support levels in focus

US stocks opened higher but soon pared gains ahead of third-quarter earnings from Apple and Palantir. The Nasdaq Composite was about 0.2% higher. Gold held gains of 2%, rebounding past $3,950 an ounce after hitting 13-month lows of $3,891 on Friday.

On the charts, trader Rekt Capital said the three-day bearish retest had succeeded and price could fall below roughly $76,000. QCP Capital noted that the $76,000 to $76,600 band has produced four upward reversals since September, with a daily close above $79,500 needed to recover the band lost on 29 October.

What to watch: Traders await third-quarter earnings from Apple and Palantir, and the US midterm elections on Tuesday.

Read the full story on Cointelegraph →