Bitcoin experienced a price spike to $70,000 but quickly retreated, showcasing volatility due to low-volume trading on the US bank holiday. Liquidity traps led to short-term manipulation, clearing both long and short positions. $120 million in crypto liquidations occurred, with large entities influencing price action. BTC price volatility remains high, with weekly RSI readings suggesting a potential bottoming phase. Weekly RSI hit 27.8, the lowest since June 2022, indicating oversold conditions. Traders are closely monitoring similarities and deviations in the pattern to forecast future price movements.

Read more at Cointelegraph: Bitcoin ‘Fakeouts And Shakeouts’ Liquidate Traders This US Bank Holiday