BTC may be bottoming after 3 weekly closes above $63K, analysis suggests

Bitcoin may be forming a market bottom, having closed above $63,000 on its weekly chart for three consecutive weeks since hitting a recent low of $59,000. According to an analysis, selling pressure appears to be easing, as BTC futures open interest (OI) has fallen 19.5% from its June high, while funding rates and net outflows from spot ETFs have also slowed. Additionally, the current weekly chart shows an RSI bullish divergence similar to the one seen during the market's upward reversal in late 2022 and early 2023. An increase in the supply held by long-term holders is also being interpreted as a bottom signal.