Data: Bitcoin has closed above $63,000 for three consecutive weeks, which may signal a bottom formation
After reaching a new low of about $59,000 in 2026, Bitcoin has closed above $63,000 for three consecutive weeks, indicating that the technical structure remains relatively solid. This trend is similar to the bottoming pattern observed before the trend reversal in the previous bear market phase.
Data shows that Bitcoin futures open interest has decreased by 19.5% from the June high, the funding rate has dropped from 0.1% at the beginning of June to 0.02%, and approximately $540 million has flowed out of spot Bitcoin ETFs in the past two weeks, a significant slowdown compared to the $5.5 billion outflow in the previous month. These figures suggest that the market is releasing excess selling pressure while still maintaining proximity to key support zones.
From the weekly chart, Bitcoin's current movement is similar to that from late 2022 to early 2023. At that time, the weekly RSI entered oversold territory and rebounded, forming higher lows, while the price created lower lows, resulting in a bullish divergence and becoming a key turning point before the upward trend in 2023. The current market is focused on the $63,000 area, where Bitcoin has formed a positive RSI divergence near this level, and has closed above $63,000 multiple times on a weekly basis, keeping the price above the recent low of $59,000.
In terms of on-chain data, analyst Axel Adler Jr. stated that long-term holders have realized supply recently rising to 12.42 million BTC, indicating that supply continues to mature and flow to stronger holders. Meanwhile, the Bitcoin selling pressure indicator has remained inactive for 1,256 days, marking the longest period on record, suggesting that Bitcoin may be stabilizing near a potential cycle low.
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