Bitcoin's weekly Relative Strength Index (RSI) has dropped to 27.8, marking its lowest point since June 2022. This decline comes as Bitcoin briefly surged to $70,000 before retracing amid light trading activity due to global market holidays. The cryptocurrency's price has been oscillating within a narrow range, with both long and short positions facing significant liquidation pressure. During the holiday period, order book depth decreased, allowing large capital movements to influence short-term price fluctuations. Over the past four hours, total network liquidations reached $120 million, with bid and ask walls being repeatedly swept away and rebuilt. Material Indicators describe the current market behavior as a mix of breakout and consolidation. Historically, weekly RSI levels in this range have preceded cyclical bottoms, although the current market may not fully replicate past patterns.