Key TakeawaysBitcoin trades around $70,600 after a 4% rebound, but futures premiums remain weak at ~2%, below the 4–8% neutral range.Options markets price just a 20% probability of BTC reaching $80K by April 24, signaling low bullish conviction.Macro pressure persists as oil volatility, inflation risks, and Federal Reserve policy weigh on risk assets.Stablecoin premium at 1.3% indicates neutral demand, with no strong spot buying activity.Bitcoin is struggling to break above $70,000 as derivatives data and macro conditions continue to suppress bullish sentiment across the crypto market.BTC briefly jumped 4% to around $70,600 following headlines that U.S. President Donald Trump may pursue de-escalation in the Iran conflict. The move coincided with a 14% drop in oil prices to $85 per barrel and a 3% rise in S&P 500 futures, highlighting Bitcoin’s sensitivity to geopolitical developments.However, the rally failed to shift positioning in derivatives markets.Bitcoin’s 2-month futures premium remains near 2% annualized, well below the typical 4%–8% range seen in neutral conditions. The subdued premium signals weak demand for leveraged long exposure and a lack of conviction among traders, even after recent attempts to reclaim higher levels.Options data reinforces the cautious outlook. The $80,000 call option expiring April 24 is pricing in only a 20% chance of Bitcoin reaching that level, an unusually low probability for a 13% upside move in crypto markets.Macro factors remain a key headwind. Elevated oil prices and persistent inflation concerns are reducing expectations for aggressive Federal Reserve rate cuts, keeping capital in fixed-income assets and limiting flows into crypto.On the spot side, demand also appears muted. USD stablecoins are trading at a 1.3% premium versus the Chinese yuan, within neutral levels and below thresholds typically associated with strong buying pressure. The broader market backdrop remains fragile following months of volatility and large-scale liquidations, including a $19 billion wipeout that damaged market confidence.Unless oil prices fall toward $75 and macro conditions improve, Bitcoin may continue to consolidate below $70,000, with traders waiting for stronger catalysts before increasing bullish exposure.