Bitcoin Technical Analysis: Here’s Why Bitcoin And Oil Crashed Hard (March 2020)

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Bitcoin Technical Analysis: Here’s Why Bitcoin And Oil Crashed Hard (March 2020)

The price of oil crashed more than 30% today. This followed Friday’s meeting between OPEC+ members Saudi Arabia and Russia. They could not agree on Oil production cuts and the result of it was a major decline in the market that saw traders panicking to sell. The intent seems to have been putting pressure on the US Shale Oil industry. Saudi and Russian oil would now be undercutting each other to sell at lower prices leading to the price declining lower and lower. This created panic in the market and as we pointed out before, it was only a matter of time that this happened in the cryptocurrency market.

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