ChainThink report, March 20: According to CoinDesk, multiple major economies announced coordinated actions on Friday to stabilize energy markets. Bitcoin rebounded alongside the decline in oil prices, briefly rising to $70,800, with daily gains exceeding 1%, continuing its recovery from the previous night’s low of below $68,900. Major cryptocurrencies such as Ethereum, XRP, and SOL posted gains under 1%, significantly underperforming Bitcoin.

In oil markets, the UK, France, Germany, Italy, the Netherlands, and Japan jointly issued a statement announcing measures to stabilize energy markets and join coordinated efforts to ensure maritime security through the Strait of Hormuz. The six nations, in a joint statement released from Prime Minister Starmer’s office, condemned Iran’s attack operations and urged immediate cessation. As a result, WTI crude dropped nearly 2% to $93.80 per barrel, with Brent crude experiencing a similar decline. Earlier this week, U.S. Treasury Secretary Bessent indicated that the U.S. may soon lift sanctions on Iranian oil tankers and consider releasing from strategic petroleum reserves.

However, the brief pullback in oil prices has not eliminated market uncertainty. Mott Capital Management stated that WTI remains above a key support level, consistent with prior highs and short-term trend dynamics. As long as prices hold above this support, an upward bias may persist, with options market positioning suggesting further potential for price appreciation.

In equity markets, the S&P 500 closed below its 200-day moving average on Thursday for the first time since May of last year, signaling a shift toward bearish momentum. Should risk-off sentiment intensify in equities, it could further weigh on crypto assets and broader financial markets.