First of all, I don't think you can submit any release apps built with with a beta version of Xcode (even if you target an existing iOS / WatchKit SDK combination).
As far as "bitcode", go to the developer.apple.com and take a peek at WWDC videos on "app thinning", as well as the relevant documentation for the next release.
For submitting an app for beta testing, that is another story. In general, that's possible, but there may be some quirks; the answer by @Jan covers the specifics for Xcode 7 beta having to do with bitcode.
For references saying not to submit release apps to the AppStore with beta Xcode versions, see the following posts (If you come up with definitive docs from Apple, it would be great to add a link):
From the Apple Developer forums, the accepted answer is that you never can submit using beta Xcode, and multiple people state that you've never been allowed to submit using beta software. There is one section where it mentions a workaround regarding bitcode and submissions, but it was suggested this was for AFTER Xcode 7 was released formally: Apple Forum: Can you submit to the App Store an app built with Xcode 7 as long as you are not targeting iOS 9?
From StackOverflow: The accepted answer concurs that submitting apps using beta Xcode is forbidden: Workaround to submit app to app store with Xcode 7
From StackOverflow: "App needs to be compiled with release version of Xcode" is the accepted answer: Submitting iOS app using beta version of xcode?
Additionally, the Apple technical document on submitting to the App Store says you should use the latest Xcode and SDK -- they don't mention beta vs. release, but the link to the "latest" goes to the latest release version of Xcode, available via the Mac App Store. See Technical Q&A QA1806: What version of Xcode and SDK should I be using when building for the App Store?
NOTE: Edited based on OP's stated intent in comment for beta testing, not release build to prior SDK.