Been looking back at that bitcoin price action from early february, and the technicals were pretty interesting around the $69,007 level. You had this classic setup where the shorter timeframes were showing oversold bounces—1H and 4H charts were screaming relief rally—but everything on the 12H and weekly was still deeply bearish. That kind of mismatch usually means one thing: the bounce gets swept into a liquidation zone and then sells off hard.

The key observation was that $70k-$70.5k zone acting as a magnet for shorts to get liquidated. Price tends to hunt those levels before reversing. On the daily, you had solid bearish divergence signals and exhaustion readings that suggested this wasn't some new uptrend starting—just a dead cat bounce within the larger downmove. RSI was in the 40s and falling on the monthly, which told you the momentum was still pointing lower.

If you were trading that setup, the smarter play was waiting for price to sweep into $70-$70.5k on volume, then shorting the rejection. Risk management was tight—stop above $71k—but the reward structure was ridiculous. You're looking at targets down at $68.3k for a 1.7:1 ratio, then $66.5k for 2.3:1, and if the breakdown really happened, potentially $60k territory for massive payoff. The whole thesis invalidates if price closes above $70.5k with strong volume, but otherwise this was a textbook relief bounce scenario in a downtrend, not a reversal.