Bitcoin has changed the world since its first official commercial transaction in 2010. As of March 24, 2026, Bitcoin is trading just above $70,000 after experiencing a drop to its lowest levels in two weeks. This decline follows a downward trend since its all-time high of $126,000 in November 2025.
On March 23, Bitcoin rebounded nearly 5% following news of a pause in US military action toward Iran, reflecting a classic risk-on snapback, according to Joel Kruge. However, the primary trend for Bitcoin remains downward, with the 50-day EMA acting as a ceiling between $70,000 and $72,000.
Analysts are closely monitoring the situation, noting that Bitcoin could test resistance levels between $74,000 and $76,000 if oil prices stabilize. Conversely, if shipping restrictions continue in the Strait of Hormuz, Bitcoin might fall back to the mid-$60,000 level.
The lower boundary of Bitcoin’s consolidation range is estimated to be between $60,000 and $62,000. A sustained daily close below $60,000 would activate bearish scenarios for Bitcoin, with some analysts speculating that it could drop as low as $30,000 in two weeks if the current pattern breaks.
Institutional demand is providing some support for Bitcoin’s recovery, with spot ETFs recording fresh inflows. However, the impact of geopolitical developments on Bitcoin’s price remains unclear.
Historically, Bitcoin tends to experience deep downside whenever it breaks down from its Macro Triangle, as noted by @rektcapital. The exact timeline for Bitcoin’s price recovery is uncertain, and details remain unconfirmed.
Despite the ongoing conflict in the Middle East, Bitcoin and Ethereum prices seem relatively unphased, according to Paul Howard. This resilience may indicate a shift in market dynamics as investors navigate through geopolitical uncertainties.
As the situation evolves, observers are keen to see how Bitcoin will respond to both market pressures and external geopolitical factors in the coming days.