**[Analysis: Bitcoin Closes Weekly Candle Above $63,000 for Three Consecutive Weeks, Potentially Signaling a Bottom Formation]** BlockBeats News, June 23: Since hitting a new low of approximately $59,000 in 2026, Bitcoin has closed its weekly candle above $63,000 for three consecutive weeks, indicating that its technical structure remains relatively stable. This trend resembles the bottoming pattern seen before trend reversals in previous bear market phases. Data shows that Bitcoin futures open interest has dropped 19.5% from its June peak, funding rates have declined from 0.1% at the beginning of June to 0.02%, and spot Bitcoin ETFs have seen outflows of approximately $540 million over the past two weeks, a significant slowdown compared to the $5.5 billion outflows in the previous month. These figures suggest that the market is releasing excess selling pressure while remaining near key support levels. From the weekly chart perspective, Bitcoin's current trend is similar to the period from late 2022 to early 2023. At that time, the weekly RSI rebounded after entering oversold territory, forming higher lows while the price created lower lows, resulting in a bullish divergence that became a critical turning point before the upward trend in 2023. Currently, the market is focused on the $63,000 region, where Bitcoin has formed a positive RSI divergence and has closed multiple weekly candles above $63,000, keeping the price above the recent low of $59,000. On-chain data analysis by Axel Adler Jr. indicates that the realized supply held by long-term holders has recently risen to 12.42 million BTC, showing that the supply is maturing and flowing into stronger holders. Meanwhile, Bitcoin's selling pressure indicator has remained inactive for 1,256 consecutive days, marking the longest cycle on record, suggesting that Bitcoin may be stabilizing near a potential cycle low. [Original Link]