According to Cointelegraph, Bitcoin has repeatedly closed its weekly candles above the $63,000 level. At the same time, the Relative Strength Index (RSI) has shown a bullish divergence — the price made a lower low while RSI failed to confirm, suggesting weakening selling pressure.
In technical analysis, RSI divergence is often considered a potential bottoming signal. Historically, similar patterns have preceded Bitcoin price recoveries. The sustained weekly closes above $63,000, combined with this divergence, provide technical support for a bullish outlook.
Cointelegraph's market analysis notes that while these data points may indicate a bottom is forming, traders should consider volume trends and broader macroeconomic factors before drawing firm conclusions.