Bitcoin rocketed up 15% to get back above $70,000 but the options market is currently pricing in a terrifying new floor

Bitcoin ripped from $60,000 to above $70,000 in less than 24 hours, erasing most of a brutal 14% drawdown that had tested every bottom-calling thesis in the market.

The speed of the reversal, 12% in a single session and 17% off the intraday low, was violent enough to feel like a capitulation resolved. Yet, the mechanics beneath the bounce tell a different story: this was cross-asset stabilization meeting forced-position rebalancing, not a flood of conviction-driven spot demand.

And the derivatives market,…