Bitcoin Price Pulls Back to $70.5K After Bounce Fails, While Options Market Alerts on Volatility

Bitcoin price rebound from weekend lows fails again, retreating to depressed levels. As of March 24, 2026, Bitcoin is trading at $70,510 with a 2.97% increase in the last 24 hours, marking a turnaround from the recent market decline. After rising approximately 7% from weekend panic lows near $74,000, the price is once again losing ground.

Meanwhile, Ether drops to $2,140 with a 3.28% decline in 24 hours, though the overall outlook shows some signs of recovery. Gold and silver, in contrast, renew their bullish trends after last week’s chaos.

Price decline and tech stock crash

The current sell-off coincides with particularly weak performance in the US tech sector. Major companies related to AI and semiconductors are experiencing significant losses: Nvidia falls 3-5%, Oracle declines similarly, Broadcom retreats, Micron drops 3-5%, and Microsoft follows the downward trend.

MicroStrategy (MSTR), the largest publicly held Bitcoin strategy, continues hitting all-time lows with drops over 2%. Coinbase (COIN) and Bullish (BLSH) show similar weakness. Galaxy Digital (GLXY) suffers a severe drop of over 12% after reporting disappointing Q4 results. Meanwhile, stablecoin issuer Circle (CRCL) falls another 3.5%.

The Nasdaq declines 1%, reflecting risk-off sentiment in broader markets. The S&P 500 faces similar pressures.

Options market signals: When will the price bottom?

Options flows reveal a defensive strategy among professional traders. Jake Ostrovskis, head of OTC at Wintermute, indicates the market is preparing for a short-term rebound from near $75,000 lows, but without long-term conviction.

The lack of bullish demand is particularly notable. Ostrovskis sees parallels with conditions in April 2025, when sentiment was equally cautious. Strong demand for protection against immediate drops has distorted the options market, pushing short-term volatility well above that of longer-dated contracts. This setup, known as backwardation, indicates elevated fear among participants.

The analyst monitors two critical signals: when volatility cools down and when the options curve normalizes back toward contango. “At that point, I’d feel more comfortable calling a local bottom,” he says. Until then, the price lacks a confirmed floor.

Winning sectors amid chaos: The energy bet

Paradoxically, Bitcoin miners pivoting toward AI infrastructure are recording significant gains. TeraWulf (WULF) rose 12% after acquiring two industrial sites in Kentucky and Maryland, potentially doubling its energy capacity to 2.8 gigawatts.

Cipher Mining (CIFR) adds 4% after announcing plans to raise $2 billion in junk bonds to fund its Black Pearl data center in Texas. This project will deliver 300 megawatts under lease with Amazon Web Services, ensuring recurring revenue independent of Bitcoin price volatility.

Future outlook: The next move depends on geopolitical factors

Analysts agree that the next price move will critically depend on geopolitical stability. Bitcoin briefly surpassed $70,000 after President Donald Trump announced a five-day pause on attacks against Iran’s energy infrastructure, demonstrating sensitivity to oil supply risks.

If oil prices and maritime transport through the Strait of Hormuz stabilize, there could be room for another test of the $74,000–$76,000 range. Conversely, if tensions escalate, the price could retreat toward mid-$60,000s.

Altcoins like Solana and Dogecoin rose about 5%, showing some resilience. However, without clear confirmation in options behavior and energy market stability, Bitcoin’s price still lacks a reliable bottom level.