Analysis: Multinational Efforts to Stabilize the Energy Market Lead to Oil Price Retreat, Bitcoin Rebound, but Uncertainty Persists

BlockBeats News, March 20th, according to CoinDesk's report, on Friday, several major economies announced joint action to stabilize the energy market. Bitcoin rebounded along with the oil price, rising to as high as $70,800 at one point, up more than 1% for the day, continuing its recovery from below $68,900, the previous overnight low. Mainstream coins such as Ethereum, XRP, and SOL saw gains of less than 1%, showing significantly 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 join in coordinated action to ensure the safety of shipping in the Strait of Hormuz. The six nations, in a joint statement released by the UK Prime Minister's Office, condemned Iran's hostile actions and urged an immediate halt. As a result, WTI crude oil fell nearly 2% to $93.80 per barrel, with Brent crude showing 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 brief retreat in oil prices did not dispel market uncertainty. Mott Capital Management stated that WTI is still holding a key support level that aligns with previous highs and short-term trends. As long as the price remains above this support level, the upward bias may continue, and the options market positioning structure suggests that there is still room for further upside in oil prices.

Turning to the stock market, the S&P 500 Index closed below the 200-day moving average on Thursday for the first time since May last year, indicating a shift in momentum to bearish. If risk aversion sentiment rises in the stock market, it may further weigh on the cryptocurrency and broader financial markets.