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.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
NYSE Cancels Crypto ETF Options Position Limit of 25,000 Contracts, SEC Exempts 30-Day Waiting Period
NYSE Arca and NYSE American, subsidiaries of the New York Stock Exchange, have submitted rule changes to the SEC to eliminate position limits on spot Bitcoin and Ethereum ETF options, effective immediately. This change affects 11 cryptocurrency ETFs and allows large, liquid ETFs to have higher position limits. Meanwhile, Nasdaq ISE has proposed increasing the position limit for IBIT exclusive options to 1 million contracts, pending review.
GateNews41m ago
BTC drops below $68,000, with a 24-hour decline of 3.47%
Gate News report: On March 23, BTC/USDT is now trading at 67971.9 USD, breaking below the 68000 USD level, with a 24-hour decline of 3.47%.
GateNews47m ago
Ethereum At the Crossroads – Breaking 0.03250 BTC Is the Key to Reigniting the Altcoin Bull Market
The current state of the crypto marketplace is marked by a profound sense of uncertainty. This state has often been referred to as “no man’s land,” and Bitcoin has consistently been the coin that elevates all others. However, at this moment, the dynamic between Bitcoin and Ethereum, is
BlockChainReporter50m ago
BTC-Gold Gap Reflects Retail vs Central Bank Demand Split, Analyst Says
The 2026 split between gold and Bitcoin is being read through the lens of two distinct buyer groups, according to Stephen Coltman, head of macro at 21Shares, a provider of crypto exchange-traded products. While gold has benefited from a sustained wave of central-bank purchases, Bitcoin remains
CryptoBreaking1h ago
