Bitcoin holds weekly close above $63K; RSI divergence forms

Bitcoin closed above $63,000 for three consecutive weeks through late June after touching a 2026 low near $59,000. The price has traded in a narrow range around $63,000.

On the weekly chart, the relative strength index formed higher lows while price did not move significantly lower, a pattern described as a bullish RSI divergence.

Derivatives data show a decline in leverage. Total Bitcoin futures open interest peaked at $25.96 billion on June 1 and fell to $20.89 billion by June 21, a 19.5% drop. Funding rates across major exchanges cooled to roughly 0.02% from about 0.1% at the start of June.

Spot Bitcoin ETFs recorded $5.5 billion of outflows between May 15 and June 11. Over the two weeks through late June, net outflows slowed to about $540 million.

A simultaneous fall in price and open interest is commonly interpreted by market participants as existing leveraged positions being closed or liquidated rather than new leveraged bets being added.

On-chain metrics show long-term holder realized supply recently reached 12.42 million BTC. A widely tracked sales-pressure metric has been inactive for 1,256 consecutive days.

Past price action noted similar weekly RSI and price patterns in late 2022 and early 2023, when the weekly RSI recovered from oversold levels and formed a higher low while price printed a lower low. In November 2025, Bitcoin spent roughly 10 weeks trading sideways above $88,000 before moving lower to about $60,000.

Crypto analyst Woominkyuu pointed to the decline in open interest and the lower funding rates. Researcher Axel Adler Jr. highlighted the rise in long-term holder realized supply.

Traders are watching the $63,000 area and the behavior of weekly closes. The data cited here are based on exchange and on-chain metrics through late June.