Bitcoin (BTC), after tagging its new 2026 bottom near $59,000 in the last three weeks, is continuing to display a strong setup. The pattern is very similar to a phase of bottom building seen before in trend reversals during bearish periods.
Bitcoin’s futures interest is down 19.5%, while funding rates are now at 0.02% instead of 0.1%. Also, spot Bitcoin outflows in exchange-traded funds (ETFs) has decreased sharply from $5.5B to $540M over the past 2 weeks, compared to the $5.5B they were a month ago.
All the data point to a market which is gradually easing excess selling pressure, while still holding close to an important BTC support zone.
Bitcoin’s chart for the week echoes previous market bottoms
Bitcoin’s weekly price movement resembles patterns seen multiple times since 2023. The price will often remain in the same range after a local low is reached for several weeks, before an uptrend takes hold. In November 2025 the price moved sideways for about 10 weeks above $88,000, before it broke lower and reached the $60,000 mark.
BTC/USD, one-week chart. Source: Cointelegraph/TradingView
The price of late 2022 or early 2023 is similar. During the same period, the BTC/RSI diverged, with the BTC/RSI index entering oversold territory and then recovering. The bullish divergence that followed marked an important turning point and was the precursor to the wider uptrend of 2023.
Now the attention is focused on the $63,000 zone, where the price has created a positive RSI deviation. Bitcoin trades at a level above the recent low of $59,000, as a result of repeated weekly closings over $63,000. As shown in the chart, this behavior matches a period of consolidation that occurred near prior turning points.
Related: US dollar strength hits highest since May 2025: Five things to know in Bitcoin this week
BTC Futures become less crowded when ETF pressure to sell eases
In the past 3 weeks, there has been a noticeable decrease in market activity for Bitcoin derivatives. Bitcoin funding rates have cooled from 0.1% to 0.02% at the beginning of June. This has reduced signs of aggressive positioning.
Bitcoin funding rate across all exchanges Source: CryptoQuant
Crypto analyst Woominkyuu noted The total Bitcoin open market interest on exchanges reached a peak of $25,96 billion dollars in June 1 and then dropped to $20.89 trillion by June 21. The decline of 19.5% was greater than Bitcoin’s price decrease of 11.4% during the same period.
A simultaneous drop in price and open market interest usually signals the closing or liquidation of existing positions rather than the entry of new leveraged wagers. It indicates that excess leverage has been significantly reduced. The current evidence also shows that new aggressive short-positioning is not as prevalent at this time.
Bitcoin ETFs Spotted show In a similar move, $5.5 billion left the ETFs that track spot between May 15 and 11 June. Outflows of $540 million over the last two weeks indicate a significant slowdown in sales activity.
Weekly BTC ETF netflows. Weekly spot BTC ETF netflows. Source: SoSoValue
Onchain’s data shows a picture that is mixed and constructive. Bitcoin researcher Axel Adler Jr. highlighted Long-term holders realized supply reached 12.42 millions BTC in recent weeks, an amount associated with the maturation of supply and coin movement into more powerful hands.
The longest period of inactivity for Bitcoin’s Sales Pressure metric is 1,256 days. This data indicates that Bitcoin’s supply is maturing, and also shows other indications of a possible cycle low.
Bitcoin LTH actual supply Source: Axel Adler Jr.
Related: Strategy adds $300M to USD Reserve, acquires 520 BTC
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Source: cointelegraph.com
