BlockBeats News, June 23rd. After hitting a new low for 2026 at around $59,000, Bitcoin has closed above $63,000 for three consecutive weeks on the weekly chart, indicating a relatively stable technical structure. This trend is similar to the bottoming formation seen in the early stages of a previous bear market reversal. Data shows that Bitcoin futures open interest has decreased by 19.5% from the June high, the funding rate has dropped from 0.1% in early June to 0.02%, and Bitcoin spot ETFs have seen outflows of around $540 million in the past two weeks, a significant slowdown from the $5.5 billion outflows in the previous month. These data indicate that the market is alleviating selling pressure while still holding near a key support level.

Looking at the weekly chart, Bitcoin's current trend mirrors that from the end of 2022 to the beginning of 2023. Back then, the weekly RSI entered oversold territory, bounced back, formed higher lows, while the price made lower lows, creating a bullish divergence that became a key turning point before the uptrend in 2023. The market is currently eyeing the $63,000 region, with Bitcoin forming a positive RSI divergence in that area and consistently closing above $63,000 on the weekly chart, keeping the price above the recent low of $59,000.

On-chain data analyst Axel Adler Jr. noted that the supply held by long-term holders has recently risen to around 12.42 million BTC, indicating that the supply is maturing and shifting to stronger hands. Meanwhile, the Bitcoin selling pressure indicator has been inactive for 1256 consecutive days, marking the longest period on record, suggesting that Bitcoin may be stabilizing near a potential cyclical bottom.