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
$78,000 BTC Price Support Level Reclaimed, Bitcoin Could Be Entering Bullish Reversal Stage
Bitcoin reclaiming $78k fuels a bullish reversal narrative and potential altseason, with bulls eyeing new ATHs up to $126k–$140k while bears warn of a fake pump before a cycle bottom.
Abstract: The article discusses Bitcoin reclaiming the $78,000 level as a potential bullish reversal that could spur altcoin rallies, outlining bullish and bearish forecasts, possible new ATHs, and rising market optimism.
CryptoNewsLand2h ago
Abraxas Capital Adds 54 BTC, Expanding Long Position to $5M on Hyperliquid
Abraxas Capital boosted its BTC long by 54 BTC (~$4.2M) in two hours, taking longs to $5M at $77,450 avg. After closing shorts on April 12, it began a rolling long build-up.
Abraxas Capital increased BTC exposure on Hyperliquid by 54 BTC in two hours, signaling a rolling long build-up after closing shorts.
GateNews3h ago
Bitcoin Breaks Through $78,000, Ethereum Hits $2,390: Market Panic Eases
Bitcoin breaks through $78,000, while Ethereum climbs above $2,390. This article reviews the V-shaped reversal trend from April 13 to 22, analyzing the evolution of liquidation data and the Fear and Greed Index.
GateInstantTrends3h ago
Arthur Hayes Sets $500K Bitcoin Target for End of 2026
Bitcoin hits $78k as institutions accumulate; Hayes bets $500k BTC and $200 HYPE, centering Bitcoin as his top conviction amid macro uncertainty and potential policy shifts.
Abstract: This article reports Bitcoin’s rise to about $78,000 amid rising institutional accumulation, with roughly 45,000 BTC bought in the past week and more than 1 million BTC added by long-term holders over three months. It notes BitMEX co-founder Arthur Hayes’ end-of-2026 targets—$500,000 for Bitcoin and $200 for HYPE—reflecting Bitcoin as his top conviction and the influence of macro uncertainty and potential liquidity shifts on crypto demand. It also highlights the wildcard of monetary policy moves that could accelerate or derail these targets.
CryptoFrontier3h ago
ZachXBT Warns Against Bitcoin Depot ATM Over 44% Bitcoin Markup
ZachXBT warns Bitcoin Depot ATMs impose steep premiums—$25k fiat at $108k/BTC vs ~$75k market (about 44%), leading to ~ $7.5k loss on 0.232 BTC; also notes a $3.26M security breach.
This article summarizes ZachXBT's warnings about Bitcoin Depot's pricing practices and a recent security breach, highlighting risks from inflated rates and security lapses for users.
GateNews4h ago
Bitcoin Hits 10-Week High After Iran Reopens Strait of Hormuz
Bitcoin surged above $78K after Iran reopened the Strait of Hormuz.
ETF inflows and institutional buying strongly supported the Bitcoin rally.
The market remains cautious despite bullish momentum and ongoing geopolitical uncertainty.
Bitcoin — BTC, recently surged sharply on Friday after
CryptoNewsLand4h ago
