Bitcoin price shows some of the most negative technical setups seen since Bitcoin was created, raising the possibility that the biggest crypto may have reached the bottom of its bear cycle. While bears are continuing their sell-off efforts, many long-term setups look similar to past market bottoms.
At the time of writing, BTC is trading at $61,848, up 0.84% over the last 24 hours, with a daily trading volume of $36.14 billion and a market capitalization of $1.25 trillion, according to CoinMarketCap.
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Bitcoin Nears Historic Market Bottom
On July 3, 2026, a popular crypto analyst, Michaël van de Poppe, published an analysis that noted Bitcoin had the lowest RSI reading every month for the entire time it had existed as a cryptocurrency. This is because the RSI is a widely used indicator to calculate price momentum strength. In the past, extremely low RSI readings have been seen near market bottoms.
As per Van de Poppe, the monthly relative strength index for the month is even weaker than the levels seen during past bear market cycles in the Bitcoin price. Van de Poppe thinks that this is indicative of one of the toughest periods for Bitcoin, with levels matching past cycle bottoms.
Other indicators that have been used by van de Poppe include the weekly Relative Strength Index (RSI), which fell below the mark of 30 this year, which is an indicator that occurred before only in 2022 in the bearish trend.
Another indicator was the recent sweep towards lower levels of Bitcoin that resemble those of the previous one in 2022. It is also clear that most of the investors are expecting some losses.
Furthermore, van de Poppe stated that the weekly MACD indicator has had its largest ever negative expansion, signaling solid bearish momentum. Additionally, van de Poppe stated that there are some on-chain metrics hitting values similar to what we’ve seen during previous bear markets.
Bitcoin Price Signals Possible Rebound
The price of bitcoin continues to remain above an important support level in spite of its negative movement in general. The MA Ribbon depicts the BTC price at $61,893, which is lower than the 20-week MA ($70,032), 100-week MA ($88,384), and 200-week MA ($88,580).
The BTC is close to the 50-week moving average at $62,652, an important support level. In case the digital currency breaks above the 20-week moving average level of $70,000, that will be a positive development.
Bollinger bands also indicate that the sell pressure is still there. The upper band is $82,551, the middle band is $70,032, and the lower band is $57,513. As the Bitcoin price is trading much closer to the lower band, sell pressure continues to exist. But if the buyers manage to hold on to the $57,500 level, then a rally to the middle band at $70,000 is likely.
Why Bitcoin Price Matters Now
This configuration is unique since, usually, Bitcoin tends to make its lowest lows at the point where indicators have made their most extreme lows. Although no single indicator is able to predict any move, it seems like an accumulation of extremes might be an indication of sell pressure drying up.
Bitcoin is also at the forefront of the overall cryptocurrency sector. A rebound in the price of Bitcoin may boost confidence in the entire digital currency space, whereas a breakdown below support could further pressure the entire crypto space.
Bitcoin Price Eyes $70,000 Comeback
The coming weeks will be very important for the Bitcoin price. It will be watched carefully how Bitcoin holds support in the range $57,500 to $62,000, while trying to return to the $70,000 level.
A successful break of that level can be a sign that the current bear market cycle is approaching the end. But if support is broken, then we might see another downtrend from Bitcoin.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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