Cryptocurrencies: “Closer to the low than to the high”

The prices of Bitcoin, Ethereum, and others have stopped falling. Volatility remains high, and the future direction is unclear. Trading in Bitcoin ETC is calm.

March 19, 2026. FRANKFURT (Deutsche Börse). Following the crash that began in mid-January and a brief but fairly strong rebound, cryptocurrencies have entered a volatile sideways phase. The price of Bitcoin hit its correction low of just over $60,000 in early February, while Ethereum fell to $1,750. From these levels, the two leading cryptocurrencies subsequently rose by approximately 27% and 36%, respectively, before profit-taking resumed at the start of this week. Bitcoin is currently trading at around $70,000, while Ethereum is trading at $2,170.

“Consolidation, not surrender”

For Maximiliaan Michielsen of 21shares, the recent development “technically looks more like consolidation than capitulation.” In his view, the $60,000 to $65,000 range has established itself “as an important structural support zone” for Bitcoin. Dovile Silenskyte of WisdomTree also notes that “the market structure has normalized again.” André Dragosch of Bitwise suspects that, despite ongoing downside risks, “we are likely closer to the low than the high, as valuations are already comparable to those of previous cycle lows.” He adds that market sentiment has already reached its lowest level since November 2022. “Back then, the crypto exchange FTX collapsed and the market found its bottom.”

Global capital flows have been particularly noteworthy in recent weeks. U.S. spot Bitcoin ETCs have recorded net inflows of approximately $530 million since March 2, breaking a four-week streak of outflows. “Capital isn’t flowing out; it’s consolidating,” Michielsen summarizes the trend. According to his analysis, the $78,000 mark remains “the hard line” for Bitcoin. A sustained closing price above that level with high volume would therefore signal a regime change; otherwise, the February lows would remain in focus.

Inflation brings tailwinds, but also headwinds

Dragosch also sees both opportunities and risks, and is keeping an eye on the potential implications of the war in Iran. “Rising market-based inflation expectations generally have a positive effect on Bitcoin, and this has been particularly true since the COVID-19 pandemic.” At the same time, he notes that such phases carry the risk of some financial tightening due to rising bond yields. “This slows the growth of the money supply somewhat and could thus pose headwinds for Bitcoin.” Overall, the strategist expects increased volatility until the market has fully priced in higher energy prices and yields.

Trading in crypto ETCs remains relatively quiet at the moment. “Trading volumes are really very low,” reports Ivo Orlemann of ICF Bank. Orders are almost exclusively for Bitcoin, with trading occurring “in both directions.” He sees some interest in the WisdomTree Physical Bitcoin (GB00BJYDH287) and the 21shares Bitcoin Core (CH1199067674).

Bitcoin is seeing the highest demand

In Vontobel’s derivatives trading division, David Hartmann notes a “slight decline in demand for crypto certificates.” He points to the sharper price drops at the end of January, “which apparently influenced investor sentiment.” Bitcoin, as the underlying asset, is seeing the highest demand. The majority of investors are betting on rising prices here, while the opposite behavior was observed with Solana and XRP. The three most frequently traded products in recent weeks were all Mini Long Futures on the Bitcoin Future (DE000VV9F660, <DE000VJ5S022>, <DE000VM4G8J9>).