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
Polymarket market bets that the probability of Bitcoin dropping to $60,000 in March this year is 40%
Foresight News reports that the latest data from Polymarket shows that the market's odds of Bitcoin falling to $60,000 this March are 40%, falling to $65,000 are 76%, rising to $75,000 are 50%, and rising to $80,000 are 25%. Currently, the trading volume in this prediction market exceeds $8.51 million.
GateNews4m ago
The closure of the Strait of Hormuz can't stop Bitcoin's rebound! BTC, ETH, XRP prices rise across the board today
Despite the closure of the Strait of Hormuz and escalating conflicts between Iran and the United States, the cryptocurrency market has rebounded, with Bitcoin, Ethereum, and Ripple prices rising. Institutional capital flows and optimistic sentiment are driving increased demand, while regulatory expectations and investor risk appetite are recovering, making the market outlook optimistic.
GateNews11m ago
Former Los Angeles police officer convicted of kidnapping teenagers to participate in cryptocurrency robbery
Los Angeles County Superior Court has convicted former officer Eric Halem of burglary and kidnapping, involving the theft of $350,000 worth of Bitcoin from a 17-year-old. Halem and others impersonated police officers to threaten the victim, forcing him to hand over the Bitcoin hard drive. He will be sentenced on March 31.
GateNews12m ago
Former Los Angeles police officer convicted of kidnapping a teenager and stealing Bitcoin: $350,000 in digital assets stolen
Former Los Angeles Police Officer Eric Halem was convicted of kidnapping and robbing a teenage Bitcoin holder, valued at approximately $350,000. The case highlights the risks of cryptocurrency in crime, reminding investors to protect digital assets against theft and scams. Sentencing will take place on March 31.
GateNews14m ago
Delin Holdings disclosed that in February, mining output was 51.712 BTC, with an expected annual Bitcoin production of 640-660 coins.
ChainCatcher News, Hong Kong-listed company Delin Holdings disclosed that in February, Bitcoin mining produced 51.712 coins, equivalent to an average daily output of approximately 1.8469 Bitcoins. As of February 28, the total Bitcoin mined is 136.2684 coins. Delin Holdings expects the total Bitcoin production for the entire year of 2026 to be approximately 640-660 coins.
GateNews17m ago
