BlockBeats News, February 17 — According to Cointelegraph, amid light trading activity in the global markets due to holidays, Bitcoin briefly surged to $70,000 before quickly pulling back. The price repeatedly fluctuated within a narrow range, with both long and short positions experiencing “liquidation-style” squeezes.
Data shows that during the holiday period, order book depth decreased, making large funds more influential in short-term movements. In the past 4 hours, the total liquidation amount across the network reached $120 million. The order book repeatedly saw buy and sell walls being swept away and quickly rebuilt, with additional selling pressure above the price intensifying short-term downward pressure. Material Indicators described the current trend as “a combination of breakout and shakeout.”
On the technical side, Bitcoin’s weekly Relative Strength Index (RSI) dropped to 27.8, the lowest level since June 2022, breaking below the oversold threshold of 30. Analysts note that historically, when weekly RSI reached this range in 2015 and 2018, it marked the formation of cyclical bottoms; in 2022, after hitting bottom, the market experienced about five months of sideways consolidation before establishing a macro bottom.
Although this cycle may not exactly replicate past patterns, the weekly RSI approaching the “cyclical low” zone is considered an important reference signal for the current market stage.
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