Oil Plunges 28% as Trump’s Iran “End-of-War” Signals Fuel Volatility and Crypto Gains
On March 10, 2026, West Texas Intermediate (WTI) crude oil fell sharply, dropping 28% from $118 to about $85. This steep decline followed...
Quick overview
- On March 10, 2026, WTI crude oil prices plummeted 28% following President Trump's comments suggesting an end to the conflict with Iran.
- Despite Trump's remarks, confusion remains among traders due to ongoing U.S. military actions against Iranian targets.
- As oil prices fell, Bitcoin surged back to nearly $70,000, indicating a shift in investor sentiment towards risk assets.
- Technical analysis shows WTI testing critical support at $88.30, with potential further declines if this level fails to hold.
On March 10, 2026, West Texas Intermediate (WTI) crude oil fell sharply, dropping 28% from $118 to about $85. This steep decline followed President Donald Trump’s comments suggesting the conflict with Iran could be ending. In an interview with CBS News, Trump said, “I think the war is very complete, pretty much… They have nothing left in a military sense.”
Although Trump’s remarks briefly boosted risk assets, they stand in contrast to recent news of more than 3,000 U.S. strikes on Iranian targets. This gap between political statements and military actions has left traders confused, making it hard to judge the real risk of a longer conflict in the Middle East.
Crypto Gains: Bitcoin Reclaims $70,000 as Risk Appetite Returns
As oil prices dropped, the cryptocurrency market surged. Investors, hoping for less conflict, moved money out of energy stocks and back into digital assets.
- Bitcoin (BTC) briefly climbed back to the $70,000 mark, trading at $69,922, which is a 3.1% increase in 24 hours.
- Ethereum (ETH) stayed above the important $2,000 level, trading at $2,043 and showing strength even with market uncertainty.
- Plus pointed out that crypto is moving in line with other risk assets and does not have its own momentum right now. He sees the recent gains as a relief rally linked to lower energy costs, not changes in crypto fundamentals.
The “Golden Ratio” Test: WTI Crude Technical Outlook
From a technical standpoint, WTI crude is in a sharp price discovery phase. After quickly rising to $119, the market is now testing the 0.618 Fibonacci retracement at $88.30, often called the ‘Golden Ratio.’
| Key Fibonacci Levels | Price Target | Current Status |
| 0.382 Retracement | $100.15 | Broken (Confirms Momentum Shift) |
| 0.500 Retracement | $94.22 | Broken (Bearish Signal) |
| 0.618 Retracement | $88.30 | Under Test (Critical Support) |
| 0.786 Retracement | $79.87 | Next Major Downside Level |
The 4-hour chart reveals a series of large bearish “distribution” candles, suggesting that the move from $118 was more than just simple profit-taking. While the broader structure remains technically bullish as long as the price stays above the 200-EMA near $74.70, the short-term bias has shifted aggressively to the downside.
Analyst Verdict: A Decisive Technical Area
Andri Fauzan Adziima, research lead at Bitrue, warns that a sustained rally in risk assets depends entirely on confirmed de-escalation. If the $88.30 support fails to hold on WTI, the next logical targets are $80.80 and $79.87. Conversely, if Trump’s “war is complete” narrative gains further traction, we could see a final capitulation in oil toward $75, potentially fueling a massive breakout for Bitcoin toward $75,000.
Currently, the RSI has fallen from overbought levels (above 70) to a neutral 50, showing that the initial panic selling has stopped. But if the RSI drops below 45, it would suggest a bigger correction toward the $70 range.
Trade Idea: Look for a high-probability “bounce” entry on WTI if a 4-hour candle closes above $88.30, targeting a retest Trade Idea: Consider entering WTI if a 4-hour candle closes above $88.30, aiming for a retest of $94.22. Set a stop-loss below $86.00 to manage risk.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
- Read our latest reviews on: Avatrade, Exness, HFM and XM
Related Articles
Sidebar rates
Related Posts
Save
