Bitcoin Bulls Fight To Hold $70K, Derivatives Data Signals Weakness
Published on March 23, 2026.
Bitcoin (BTC) surged 4% after US President Donald Trump announced plans to temporarily de-escalate the conflict in Iran and pursue negotiations. Despite this, Bitcoin derivatives metrics continue to signal skepticism and lack of confidence in the $68,000 support level. Bitcoin futures traded at a 2% annualized premium, indicating a lack of demand for bullish leverage. The $80,000 Bitcoin call option for April 24 traded at 0.017 BTC ($1,207), indicating only a 20% chance of Bitcoin reaching $80K. Short-term gains from the US and Israel-Iran war are unlikely to reverse the pessimism following a five-month price decline. The data indicates modest resilience in Bitcoin derivative markets, especially since BTC retested the $67,500 level on Monday.
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