West Texas Intermediate (WTI) Oil Wednesday, May 12

West Texas Intermediate (WTI) Oil  Wednesday, May 12

The Energy Information Administration (EIA) said in its latest monthly report on Wednesday that demand in the oil market will grow as India emerges from the Corona crisis.

The following points are mentioned in a part of this report:
Supply growth is currently due to increased oil production in Canada and Brazil.
According to OPEC, this supply is not in line with the level of demand, and the level of demand could fall due to the corona epidemic.

Forecast for oil demand in Europe in the first quarter of 2021 fell by 270,000 barrels to 5.4 million barrels per day. The forecast for the United States during this period was a decrease in demand of 515 thousand barrels per day.

Following the release of this monthly report, West Texas Intermediate crude traded up 0.62% at $ 65.64 a barrel at the time of writing.

Bitcoin entered its lowest month

Bitcoin entered its lowest month

Following the formation of a badly shaped weekly candle, the world's largest digital currency must now prepare for further losses. Does March 2021 follow the rules?

Bitcoin saw its worst results in March

According to observations from 2012 to 2020, Bitcoin and March do not have a good relationship with each other. An anonymous analyst and trader on Twitter called Bitdealer_on provided statistics on Bitcoin monthly candlesticks.

His calculations show that January, March, August and September are negative average yield months. March and September typically reduce the price of bitcoin by 5.8%.

The worst bitcoin drop, also known as Crypto Black Thursday, also occurred in March: March 13, 2020.

That day, the Quinn fell more than 51% in 24 hours.

The crypto and fear index came closer to the 6-month low

In addition, in the first bitcoin rally, the currency rose 179 percent in March, its second largest monthly candlestick.

Today, March 1, the moon market has started with different emotions. Bitcoin, on the other hand, has returned slightly from its 27 percent drop, and now cows are holding back bears.

At the same time, the general sentiment of the market has entered the area of ​​"greed". According to the crypto and fear index, this criterion has reached a level not seen since September 2020.

At the time of writing, this criterion is 38 out of 100, which means fear. The last time the index fell so low was when Bitcoin tried to cross the $ 10,000 level.