BlockBeats News, March 20th, according to CoinDesk, on Friday, several major economies announced joint action to stabilize the energy market. Bitcoin rebounded with the oil price and briefly rose to $70,800, up over 1% for the day, continuing its recovery from below $68,900 overnight. Mainstream coins such as Ethereum, XRP, and SOL saw gains of less than 1%, demonstrating weaker performance compared to Bitcoin.
On the oil price front, the UK, France, Germany, Italy, the Netherlands, and Japan issued a joint statement announcing measures to stabilize the energy market and joined in coordinated action to ensure shipping security in the Strait of Hormuz. The six nations, in a joint statement released by the UK Prime Minister’s office, condemned Iran’s actions and urged an immediate stop to them. As a result, WTI crude oil fell by nearly 2% to $93.80 per barrel, with Brent crude seeing a similar decline. Earlier this week, US Treasury Secretary Benson stated that the US may soon lift sanctions on Iranian oil tankers and consider releasing strategic oil reserves.
However, the temporary decline in oil prices did not eliminate market uncertainty. Mott Capital Management stated that WTI is still holding a key support level, which aligns with previous highs and short-term trends. As long as the oil price remains above this support, the upward bias may continue, with the options market positioning suggesting further upside potential for oil prices.
On the stock market front, the S&P 500 Index closed below its 200-day moving average on Thursday for the first time since May last year, indicating a shift to bearish momentum. If risk aversion sentiment rises in the stock market, it could further drag down both the crypto and broader financial markets.
