Bitcoin has held a weekly close above $63,000 for three consecutive weeks, a pattern that has historically preceded trend reversals during bearish periods.
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Bitcoin holds $63K for 3 weeks as 3 signals flag a bottom
Bitcoin has held a weekly close above $63,000 for three consecutive weeks, a pattern that has historically preceded trend reversals during bearish periods.
Bitcoin traded at $64,648 as of 14:00 UTC June 22, holding above $63,000 for a third straight week after tagging a 2026 low near $59,000.
"Investors remain cautious given the shift in the macro regime, while institutional and treasury-style buyers continue to provide the marginal bid," Bitfinex said in a note to Bitcoin Magazine. "That combination points to an under-positioned market rather than an overheated one."
Bitcoin futures open interest fell 19.5% to $20.89 billion from $25.96 billion between June 1 and June 21, according to CryptoQuant data, exceeding the 11.4% price decline over the same period. Funding rates cooled to 0.02% from 0.1% at the start of June, signaling a reduction in leveraged long positioning. Spot Bitcoin ETF outflows slowed to $540 million over the past two weeks from $5.5 billion in the prior month, per SoSoValue data.
The combination of declining open interest, cooling funding rates and slowing ETF outflows mirrors patterns seen at prior market turning points, including late 2022 and early 2023. The next test for Bitcoin is whether it can hold support near $60,000 while building a base for a move toward resistance at $66,000 to $68,000.
On-chain data supports supply maturation thesis
Long-term holder realized supply reached 12.42 million BTC, a level associated with coins moving into stronger hands, according to CryptoQuant contributor Axel Adler Jr. Bitcoin's sales pressure metric has remained inactive for 1,256 consecutive days, the longest stretch on record, indicating limited urgency among holders to sell at current prices.
The weekly relative strength index has formed a bullish divergence, with the RSI printing a higher low while price printed a lower low near $59,000. That pattern preceded the broader uptrend that developed during 2023.
Macro headwinds persist but show signs of easing
The US dollar index climbed above 100 for the first time since May 2025, reaching its highest level in over a year, according to TradingView data. A strong dollar has historically weighed on Bitcoin. Fed Chair Kevin Warsh's first FOMC meeting delivered a hawkish reset, with CME FedWatch pricing a 36% probability of a rate hike at the July meeting.
Still, the US-Iran peace deal pushed crude oil to a three-month low near $73 per barrel, removing one source of inflationary pressure. Bitcoin has shown a broadly inverse correlation to oil, and the decline in energy prices has provided a tailwind for risk assets.
Corporate buyers continued accumulating. Strategy acquired 520 bitcoin at an average price of $67,068, bringing its total holdings to 847,363 BTC. Strive purchased 759 bitcoin at $65,850 per coin, its largest single-week acquisition in recent months.
This article is for informational purposes only and does not constitute investment advice.
[1] Three Reasons Why Bitcoin Holding $63K May Mark The Bottom[2] Bitcoin Price Rises Above $65,000 as ETF Outflows Slow, Iran Deal and Fed Pull in Opposite Directions[3] US dollar strength hits highest since May 2025: Five things to know in Bitcoin this week[4] As bitcoin, altcoin prices gain, derivatives signal skepticism over a sustained rally[5] Bitcoin is stuck near $64,000 as ETF outflows reach a sixth week
