Bitcoin briefly surged to $70,000 during thin holiday trading before pulling back, with order books showing a liquidation squeeze on both long and short positions. The weekly Relative Strength Index (RSI) dropped to 27.8, marking the lowest level since June 2022 and entering oversold territory historically linked to cycle bottoms. This convergence of technical and liquidity signals points toward a critical phase in Bitcoin's market cycle, with possible sideways consolidation ahead.

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