Woofun AI analysis suggests that Bitcoin's technical structure is strengthening after the asset held weekly closes above $63,000 for three consecutive weeks following a 2026 low near $59,000. This price action mirrors the bottoming formation observed during the late 2022 to early 2023 bear market reversal, where weekly RSI divergence preceded a significant uptrend.

Concurrently, derivatives data reveals a 19.5% decline in Bitcoin futures open interest from June highs, with funding rates retreating from 0.1% to 0.02%. Spot ETF outflows have also decelerated to approximately $540 million over two weeks, a marked reduction from the $5.5 billion withdrawn previously, indicating alleviated selling pressure.

On-chain metrics further support this stabilization thesis. Long-term holders have accumulated supply to around 12.42 million BTC, signaling a shift toward stronger hands as the asset matures.

Additionally, the Bitcoin selling pressure indicator has remained inactive for 1,256 consecutive days, the longest period on record. This sustained inactivity, combined with the price holding above the $59,000 support level, reinforces the assessment that the market may be establishing a cyclical bottom.