I recently noticed that Bitcoin's weekly RSI has dropped to 27.8 — the lowest level since mid-2022. This volatility occurred as BTC just touched 70K and then was corrected, during a time when the market is quite quiet due to global holidays.

What is happening is a sharp deepening of the order book, making it easy for large orders to sweep through buy and sell walls. In the past few hours, liquidation values have reached up to $120 million, with walls continuously being wiped out and rebuilt. Bitcoin's price is fluctuating within a relatively narrow range, with both buyers and sellers under significant pressure.

From a technical indicator perspective, an RSI at this level historically often signals a cycle bottom approaching. However, the current market may not fully repeat old patterns. It is now a combination of breakouts and consolidations, making it difficult to predict the next move with certainty.