Bitcoin Hits A New Low As Oil Production Cuts Suggest Further Pressure

Bitcoin hits a new low as oil production cuts suggest further pressure. Two major oil producers, Saudi Arabia and Russia, made some significant announcements yesterday that had a significant impact on the market. They both pledged to keep their oil production costs low through the end of 2023. The price of WTI crude oil increased by 1% as a result of this news, hitting its highest level in nine months.

Bitcoin Plumbing Six-Month Lows and Higher Oil Prices Suggest Further Pressure #Markets #news @NFTSommelier https://t.co/FxufUI7A82

— NFTSommelier.sats (@NftSommelier) September 5, 2023

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The economies of oil-dependent countries will be impacted by this rise in oil costs. It might cause interest rates to increase and result in inflation, which is a price increase. In the short run, higher interest rates may have a detrimental impact on the price of Bitcoin. Therefore, it’s important to monitor the relationship between Bitcoin, interest rates, and oil in the future.

Watch this to discover more. Continue below to know BTC/USD status

Bitcoin Key Levels to Watch: September 5

The rejection of the upside in mid-March drove the price of Bitcoin into the supply zone of $31050.0. At the initial entry into the $31050.0 supply zone, the Stochastic Oscillator indicated that the market had become extremely oversold. Owing to the indication of the Stochastic Oscillator, a descent ensued as the price crashed to a discount.

From the equilibrium level of the market’s trading range, BTCUSD returned to the $31050.0 supply zone. However, due to the selling pressure at the $31050.0 supply zone, BTCUSD flipped bearish as the market kept declining exuberantly. As of now, a retracement to the upside might occur for a few days before the downtrend resumes from the premium zone.

BTCUSD Key Levels

Resistance Levels: $28661.0, $31050.0, $36800.0
Support Levels: $24750.0, $22655.0, $19569.0

Total Market Capitalization: $1.04T
Bitcoin Market Capitalization: $502B
Bitcoin Volume: $11.1B
Market Rank: #1

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