Crypto: Bitcoin Weekly Rsi Echoes Mid-2022 Bear Market As BTC Plays...

Bitcoin round tripped gains after a spike to $70,000 as liquidity traps began to characterize BTC price action on the US bank holiday.

Bitcoin (BTC) took out long and short positions during Monday as low-volume trading sparked short-term volatility.

Bitcoin sees low-time frame manipulation clear both longs and shorts on the US bank holiday.

BTC price action offers “breakouts and shakeouts” while staying in a narrow range.

2022 bear market comparisons continue, now focused on weekly RSI.

Data from TradingView captured sharp moves within a narrow BTC price range on the US bank holiday which topped out at $70,000.

With Wall Street closed, thinner order books overall made it easier for large-volume entities to influence short-term price action. This resulted in multiple “squeezes” that impacted both longs and shorts.

Data from monitoring resource CoinGlass showed $120 million in crypto liquidations for the four hours to the time of writing.

Blocks of bids and asks were cleared on the day, with new “walls” placed immediately above price as it fell, adding to downward pressure.

“Volatility is much higher which is something that we also see in pretty much all other markets lately. Definitely not a calm period for markets around the world,” trader Daan Crypto Trades commented in a post on X.

Source: CoinTelegraph