Bitcoin's repeated weekly candle close above $63,000 align with signals that may mark a market bottom.
Bitcoin (BTC) continues to exhibit a strong technical setup after holding a weekly close above $63,000 for three consecutive weeks since tagging a new 2026 low near $59,000. This pattern closely resembles a bottom-building phase seen in previous trend reversals in bearish periods.
At the same time, Bitcoin futures open interest has fallen 19.5% from its June peak, funding rates have cooled to 0.02% from 0.1%, and spot Bitcoin exchange-traded fund (ETF) outflows have slowed sharply to $540 million over the past two weeks from $5.5 billion the prior month.
Together, the data points to a market that is shedding excess selling pressure while holding near a key support zone for BTC.
Bitcoin's recent weekly price action resembles a pattern seen several times since 2023. Once a local bottom is established, the price often trades close to that range for weeks before a sustained uptrend develops. One exception came in November 2025, when the price spent roughly 10 weeks moving sideways above $88,000 before breaking lower to the $60,000 level.
BTC/USD, one-week chart. Source: Cointelegraph/TradingView
The current setup also resembles the price from late 2022 and early 2023. During that period, the weekly relative strength index (RSI) entered oversold territory, recovered, and later formed a higher low, while the BTC price printed a lower low, creating a bullish divergence. That bullish divergence marked a key turning point, preceding the broader uptrend that developed during 2023.
The focus is now on the $63,000 area, where the price has formed a positive RSI divergence. The repeated weekly closes above $63,000, keeps Bitcoin trading above its recent low at $59,000 rather than extending towards it. The behavior fits a range-building phase that has appeared near previous turning points, as identified in the chart.
Related: US dollar strength hits highest since May 2025: Five things to know in Bitcoin this week
Bitcoin derivatives markets have become notably less crowded over the past three weeks. Bitcoin funding rates cooled to 0.02% from 0.1% at the start of June, reducing signs of aggressive long positioning.
Bitcoin funding rate on all exchanges. Source: CryptoQuant
Crypto analyst Woominkyuu noted that total Bitcoin open interest across exchanges peaked at $25.96 billion on June 1, then fell to $20.89 billion by June 21. The 19.5% decline exceeded Bitcoin's 11.4% price drop during the same period.
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