There seems to be something off in your data.
If you add your 98% bounce rate to your 5% conversion rate you have data that adds up to more than 100% of your data.
Something is awry with your data collection methods.
Please consider that some of the conclusions you are drawing from your small data set may be invalid. At best you are looking at anecdotal data that cannot be relied upon. Instead of drawing conclusions from that limited set of data, you should be forming a hypothesis only at this point. The next 48 hours of data could very likely give you very different results.
After you have what you believe to be a reasonable hypothesis, design some tests to see if you can get predictably consistent results from your tests.
Another thing to consider is that you haven’t yet done a single round of optimization on your campaigns. You have no idea yet what might be possible after a few rounds of optimizations.
Your high bounce rate might due to a number of things. Have you designed interactive elements, or multiple pages for your audience to view, as a measure of engagement? If not, the bounce rate might be a useless metric. An offer page that isn’t designed to generate multiple page views will always have a bounce rate that is the reciprocal of your conversion rate.
Be sure to build in measurable interactive elements on your offer page, and setup micro-conversion tracking, to get a better sense of how your audience is engaging with your content. You might discover that your ads while getting decent CTC, might not be totally aligned with the content on your landing page.
Also, as I suggested in my opening, something is amiss in your data, check to see where that erroneous data is coming from and clean up your data.
The beautiful thing about PPC advertising is that it is the perfect testing platform. Take advantage of that fact.