[Bitcoin Weekly RSI Approaching 2022 Bear Market Lows, Liquidity Squeeze Intensifies Long-Short Battle] BlockBeats News, February 17, according to Cointelegraph, amid subdued trading activity in global markets due to the holiday season, Bitcoin briefly surged to $70,000 before quickly retreating, with its price oscillating within a narrow range, leading to 'liquidation-style' squeezes on both long and short positions. Data shows that order book depth decreased during the holiday period, making large funds more likely to influence short-term price movements. Over the past 4 hours, total liquidations across the network reached $120 million. Buy and sell walls were repeatedly swept away and quickly rebuilt, while increased selling pressure above the price level intensified short-term downward pressure. Material Indicators described the current trend as 'a mix of breakout and shakeout.' On the technical side, Bitcoin's weekly Relative Strength Index (RSI) dropped to 27.8, its lowest level since June 2022, falling below the 'oversold' threshold of 30. Analysts pointed out that historically, weekly RSI levels in this range during 2015 and 2018 marked cyclical bottoms; however, in 2022, after hitting the bottom, Bitcoin experienced approximately 5 months of sideways consolidation before finally establishing a macro bottom. Although the current trend may not fully replicate historical patterns, the weekly RSI approaching the 'cyclical low' range is considered an important reference signal for the current market phase.