Bitcoin slips below $77K as oil plummets 7% after Trump signals diplomacy

• Bitcoin fell 1.7% to under $77,000 as markets assessed lower US-Iran conflict risk and a 7% plunge in oil prices.
• Gold outperformed Bitcoin, rebounding as a safe haven while broader macro pressures limited risk asset appetite.

On November 2, 2026, Cointelegraph reported that Bitcoin fell below $77,000, dropping 1.7% on the day as traders reacted to easing fears of renewed US-Iran military conflict and a steep 7% decline in oil prices. US diplomatic signals, highlighted by Secretary of State Rubio’s statement that the Trump administration preferred a peaceful approach, contributed to the sharp move in oil.

US stocks initially opened higher in response to the oil price drop. However, gains in equities faded as investors awaited key earnings reports and the upcoming US midterm elections.

Meanwhile, technical analysts noted that Bitcoin risked breaking below the important $76,000 support level, exposing the asset to potential further declines toward $75,700—the 50-week average—or even $73,100, which aligns with the 200-day average.

Despite the risk rally in other sectors, Bitcoin failed to recover and struggled to attract buyers as macroeconomic concerns eroded confidence in risk assets. Gold rebounded 2% and held on to gains, outperforming Bitcoin as investors sought traditional safe havens amid ongoing oil volatility and broad market caution.

The prevailing market sentiment, according to analysts cited by Cointelegraph, is that persistent macroeconomic pressures—including uncertainty surrounding equity earnings and political developments—continue to suppress risk appetite, weighing on Bitcoin’s short-term momentum while sending defensive flows into gold.

As of November 2, 2026, 23:09 UTC, Bitcoin (BTC) is trading at $76,687.15, with a -1.61% change over the past 24 hours, according to CoinMarketCap.