Bitcoin weekly close above $63K amid RSI divergence may be bottom signal: Data
Cointelegraph 2026-06-22 16:52:38
Context: Bitcoin has shown a strong technical setup after holding a weekly close above $63,000 for three consecutive weeks, with this pattern resembling a bottom-building phase seen in previous trend reversals during bearish periods. The current setup also resembles the price action from late 2022 and early 2023, where 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. This bullish divergence marked a key turning point, preceding the broader uptrend that developed during 2023.
Key Facts
- Bitcoin (BTC) has continued 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.
- 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.
- 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, a 19.5% decline that exceeded Bitcoin's 11.4% price drop during the same period.
- The simultaneous decline in the price and open interest typically signals that existing positions are being closed or liquidated rather than new leveraged bets entering the market, indicating a significant reduction in excess leverage.
- Bitcoin researcher Axel Adler Jr. highlighted that long-term holders' realized supply recently reached 12.42 million BTC, a level associated with supply maturation and coins moving into stronger hands.