Crypto market ended week on volatile note, with Bitcoin holding above $70,000 — review

23.03.2026    19:05

Last week on the cryptocurrency market was marked by high volatility: prices were pressured by the conflict in the Middle East, rising oil prices, and a strengthening dollar; however, at the start of the new week, Bitcoin managed to hold near the $70,000 mark and partially recouped its losses. As of March 23, Bitcoin was trading around $70,800, and Ethereum around $2,160.

According to Fixygen, geopolitics remained the key external factor for the crypto market this week. Reuters reported that the escalation of tensions around the Strait of Hormuz and Brent’s surge above $113 per barrel intensified global risk aversion, bolstered the dollar, and heightened fears that the Fed might maintain its hawkish policy for longer. For cryptocurrencies, this meant increased nervousness and a tighter correlation with other risky assets.

Regulatory uncertainty in the U.S. also became an additional negative factor for the sector. Last week, Citigroup lowered its 12-month price targets for Bitcoin and Ethereum, citing the stalled progress of U.S. crypto legislation, particularly regarding the CLARITY Act and regulations for stablecoins. According to the bank’s assessment, the lack of rapid regulatory progress is dampening expectations of new institutional momentum.

Against this backdrop, the market experienced sharp volatility over the weekend and on Monday. According to Reuters and market reports, crypto assets initially fell due to rising tensions but then rebounded following signals of a possible pause in further escalation between the U.S. and Iran. Barron’s reported that Bitcoin rose above $70,000, while Investors.com noted an intraday jump above $71,000 following news of a temporary postponement of strikes.

Ultimately, the defining feature of the week was not a shift in the long-term trend, but a sharp increase in the crypto market’s sensitivity to macro factors. Whereas digital assets were previously often viewed as an isolated asset class, they are now reacting more noticeably to the dollar, yields, energy prices, and political risks.

Fixygen’s baseline forecast for the coming weeks is for a broad sideways range with high intraday volatility. For Bitcoin, the key zone appears to be the $68,000–$72,000 range:

staying above it will support a stabilization scenario, while a new round of escalation in the Middle East or heightened expectations of a Fed rate hike could push the market into a deeper correction.

This conclusion is based on the current set of factors—oil, the dollar, and rate expectations.

For Ethereum, the picture looks weaker than for Bitcoin: the asset remains more sensitive to a decline in risk appetite and a slowdown in the inflow of institutional capital. If the regulatory agenda in the U.S. remains stalled, Ethereum is likely to lag behind Bitcoin and trade under significant pressure. This conclusion aligns with Citigroup’s revised forecast, which lowered its price target for Ethereum more sharply than for Bitcoin.

In a more positive market scenario, triggers could include de-escalation in the Middle East, a weaker dollar, and a return of expectations for Fed policy easing. In that case, the crypto market could quickly shift toward a recovery, as liquidity and speculative demand in the sector remain high. But for now, the market is driven less by internal crypto news and more by global macroeconomics and geopolitics.

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