After seeing a 2026 bottom around $59,000, Bitcoin maintained its technical outlook with a weekly close above $63,000 for three consecutive weeks. Latest data in the market indicated that the selling pressure has weakened and the price is trying to hold on to an important support zone.
Similar outlook to previous bottom areas on weekly chart
The weekly price action has been likened to the bottom-forming structure that Bitcoin has exhibited several times since 2023. Accordingly, the asset often traded in a narrow range for weeks after forming a local bottom, before moving into a more persistent uptrend. One of the exceptions to this view was that in November 2025, the price fell to the 60 thousand dollar range after remaining horizontal for about 10 weeks above 88 thousand dollars.
One of the striking headlines in the current chart was the positive discrepancy in the weekly RSI indicator. A stronger structure as the price approaches lower lows has been viewed in the past as one of the early signs of trend reversals. The fact that the last three-week closing remained above $ 63 thousand was interpreted as Bitcoin seeking balance in the support area instead of heading back to the last bottom level at $ 59 thousand.
Bitcoin’s three consecutive weekly closes above $63,000 indicate that the price is trying to form a base just above the recent bottom.
ETF outflows slow as leverage decreases in derivatives market
The density in the derivatives market has decreased significantly in the last three weeks. The funding rate, which was at 0.1% at the beginning of June, decreased to 0.02%. This change showed that the appetite for aggressive long positions in the market had weakened. The funding rate is known as an indicator used to maintain the balance between long and short positions in the futures market.
Mini dictionary: Funding rate refers to the periodic payment made between long and short position holders to keep the price in futures contracts close to the spot market. Open position shows the total amount of futures contracts that have not yet been closed.
According to data provided by crypto analyst Woominkyuu, the total Bitcoin open position size on the exchanges decreased to $20.89 billion on June 21, after peaking at $25.96 billion on June 1. This 19.5% decline exceeded the 11.4% loss in Bitcoin price during the same period.
| Indicator | Before | latest situation |
|---|---|---|
| Bitcoin open position | $25.96 billion | $20.89 billion |
| Funding rate | 0.1% | 0.02% |
| Spot Bitcoin ETF debut | $5.5 billion | $540 million |
The simultaneous decline in price and open position suggests that existing positions have been closed or liquidated rather than new leveraged transactions entering the market. This indicates that excessive leverage accumulation has been cleared significantly. There is also limited evidence of strong new short pressure at current levels.
The fact that the total open position, which was 25.96 billion dollars on June 1, decreased to 20.89 billion dollars on June 21, showed that the over-leveraged structure in the market began to dissolve.
Onchain data shows supply is in stronger hands
It was also seen that the selling pressure on the spot Bitcoin ETF side was slowing down. While there was an outflow of $5.5 billion from spot ETFs between May 15 and June 11, the total outflow in the last two weeks remained at approximately $540 million. This chart indicated that sales slowed down.
On the onchain side, a more complex but constructive view stood out. Bitcoin researcher Axel Adler Jr. noted that the realized supply from long-term investors recently reached 12.42 million BTC. This level is associated with the maturation of the supply and the coins falling into the hands of more resilient investors. In addition, the fact that Bitcoin’s selling pressure metric has been inactive for 1,256 days was cited as among the data supporting the search for stability near a possible bottom zone in the current cycle.
