Data: Bitcoin closes weekly above $63,000 for three consecutive weeks, possibly signaling a bottom formation
ChainCatcher reports that Bitcoin has closed above $63,000 on the weekly chart for three consecutive weeks after hitting a 2026 new low of around $59,000, indicating that the technical structure remains relatively solid. This pattern is similar to the bottom formation seen before trend reversals in previous bear markets.
Data shows that Bitcoin futures open interest has decreased by 19.5% from its June peak, funding rates have dropped from 0.1% at the beginning of June to 0.02%, and spot Bitcoin ETF outflows have slowed significantly over the past two weeks to approximately $540 million, compared to $5.5 billion in outflows the previous month. These figures suggest the market is absorbing excess selling pressure while maintaining price action near key support levels.
On the weekly chart, Bitcoin's current price action resembles the period from late 2022 to early 2023. At that time, the weekly RSI rebounded from oversold, forming higher lows while price made lower lows, resulting in a bullish divergence and marking a key turning point before the 2023 upward trend. The market is now focused on the $63,000 region, where Bitcoin is showing a positive RSI divergence and has closed above $63,000 multiple times on the weekly chart, keeping the price above the recent low of $59,000.
In terms of on-chain data, analyst Axel Adler Jr. notes that the realized supply held by long-term holders has recently risen to 12.42 million BTC, indicating a maturing supply gradually shifting to stronger hands. Meanwhile, the Bitcoin selling pressure indicator has been inactive for 1,256 days in a row, the longest period on record, suggesting Bitcoin may be stabilizing near a potential cycle low.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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