After reaching a local low near $59,000 in 2026, Bitcoin maintained technical strength with three consecutive weekly closes above $63,000. Recent market data suggest selling pressure is wanin
After reaching a local low near $59,000 in 2026, Bitcoin maintained technical strength with three consecutive weekly closes above $63,000. Recent market data suggest selling pressure is waning, and the cryptocurrency is stabilizing near an important support zone.
The latest weekly price movement resembles previous bottoming patterns observed in Bitcoin since 2023. Historically, after hitting a local low, Bitcoin has often traded in a narrow range for several weeks before starting a more sustained rally. One exception was in November 2025, when, after about 10 weeks of sideways trading above $88,000, Bitcoin dropped to the $60,000 region.
Another noteworthy point is the positive divergence seen in the weekly Relative Strength Index (RSI). While the price approached lower lows, the indicator showed increasing strength—a pattern previously associated with early trend reversals. Bitcoin’s ability to sustain the past three weekly closes above $63,000 indicates that the asset is seeking balance at this critical support, rather than heading back toward its most recent $59,000 low.
Securing three consecutive weekly closes above $63,000 signals that Bitcoin is attempting to establish a floor just above its most recent low.
Activity in the derivatives market has notably eased over the past three weeks. The funding rate—which stood at 0.1% at the start of June—fell sharply to 0.02%. This drop reflects weaker appetite for aggressive long positions. The funding rate is a gauge used in futures markets to keep long and short positions in equilibrium.
Glossary: The funding rate refers to regular payments between long and short holders in futures contracts to align futures prices with those of the spot market. Open interest represents the total number of futures contracts that remain unsettled.
According to data shared by crypto analyst Woominkyuu, Bitcoin’s total open interest on exchanges peaked at $25.96 billion on June 1, before dropping to $20.89 billion by June 21. This 19.5% drop outpaced Bitcoin’s own 11.4% decline over the same period.
IndicatorPreviousCurrentBitcoin open interest$25.96 billion$20.89 billionFunding rate0.1%0.02%Spot Bitcoin ETF outflows$5.5 billion$540 millionWith both price and open interest falling, the decline appears driven more by the closure or liquidation of existing leveraged positions than by the inflow of new ones. This cleansing of excess leverage signals a healthier market structure and, so far, there is limited evidence of fresh short-side pressure at these levels.
The drop in total open interest from $25.96 billion on June 1 to $20.89 billion by June 21 reveals that the market is unwinding much of its excess leverage.
On the spot Bitcoin ETF front, outflows have also slowed notably. Between May 15 and June 11, spot Bitcoin ETFs saw outflows totaling $5.5 billion. In contrast, over the past two weeks, the total outflow was only around $540 million—an encouraging sign of easing sell pressure.
On-chain data present a more nuanced but constructive outlook. Bitcoin researcher Axel Adler Jr. reported that the realized supply held by long-term holders reached 12.42 million BTC recently. This milestone suggests coins are increasingly concentrated among more resilient investors. Meanwhile, the lack of activation in Bitcoin’s selling pressure metric for 1,256 days further underscores stability and supports the view that prices are consolidating near a potential cycle bottom.
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