Bitcoin at $62.7K.

Par DCN Editorial Team Publié le 9 July 2026

Bitcoin (BTC)

Bitcoin is trading around $62,700 this Thursday, moving within a narrow consolidation range that has investors questioning what comes next in the current cycle. While the famous psychological threshold of $60,000 remains a tangible threat at just 4.3% below the current price, a subtle but significant shift in the market narrative appears to be underway. The concept of a “textbook bottom” — a perfectly legible market bottom formation straight out of technical analysis manuals — is making its way back into trader discussions, driven primarily by a marked and measurable slowdown in spot bitcoin ETF sell-offs.

Spot Bitcoin ETF: The Slowing Sell-Off That Changes the Game

For several weeks running, spot bitcoin ETF net flows constituted the single most important bearish catalyst weighing on the market. Massive daily outflows, sometimes exceeding half a billion dollars in a single session, had created a structural overhang of selling pressure that kept bitcoin pinned below the $65,000 level despite a broadly favorable macroeconomic backdrop. But the most recently available data now suggests a meaningful inflection in this persistent trend.

Over the last three trading days, cumulative net outflows from spot bitcoin ETFs have declined by more than 60% compared with the previous weekly average. The most recent trading day even recorded positive net inflows for several of the largest issuers — a signal that had not been observed in nearly two weeks. This apparent shift in the ETF flow regime could mark a major turning point for bitcoin’s short-to-medium-term price dynamics.

The exhaustion of the ETF-driven sell-off can be attributed to several converging factors. On one hand, the heavy outflows of previous weeks have likely already cleared a significant portion of speculative positions and arbitrage desks that were using ETFs as a hedging vehicle. On the other, the continued broadening of the ETF market — with new issuers entering the space and traditional trading volumes rising — has helped build a more diversified and therefore more resilient investor base beneath the market.

On-chain data confirms this evolving picture. The number of distinct addresses holding at least 0.1 bitcoin continues to climb steadily, suggesting that accumulation by smaller retail holders is persisting despite recent volatility. At the same time, net flows moving toward exchanges remain moderate, indicating that long-term holders are not yet prepared to exit their positions at these price levels.

The “Textbook Bottom”: Anatomy of a Market Bottom Formation

The concept of a “textbook bottom,” popularized by technical analysts over the years, describes an idealized market bottom configuration that brings together several converging and reinforcing signals: a bullish divergence on the RSI, declining selling volume, price stabilization around a major support level, and a clear change in institutional flow behavior. This particular configuration, rare in its perfectly legible form, is precisely what some seasoned observers are now identifying on bitcoin’s current charts.

The bullish divergence on the weekly RSI is arguably the most striking element of this emerging setup. While bitcoin’s price printed a series of lower lows between May and July 2026, the RSI simultaneously registered a sequence of higher lows — a classic technical signal of waning downside momentum and a potential bullish reversal ahead. This divergence, which built gradually over several weeks, is regarded by technical analysts as one of the most historically reliable indicators of an impending trend change.

Selling volume, the second pillar of the textbook configuration, also displays clear signs of exhaustion. Daily trading volumes across the major spot exchanges have declined by nearly 40% compared with the panic-selling peaks witnessed in mid-June, suggesting that the intense seller pressure is naturally fading. This contraction in sell-side volume, when combined with price stabilization around the $62,000 handle, creates the technical conditions for a possible rebound.

Support levels also play a crucial role in completing this configuration. The $60,000 to $62,000 zone has been tested on multiple occasions over recent weeks, and each successive test has further reinforced the technical legitimacy of this level as a major demand area. Bitcoin’s demonstrated ability to hold above this zone despite ongoing macroeconomic and geopolitical headwinds strengthens the thesis that a solid floor may be forming.

The Macroeconomic Context: Between Threat and Opportunity

The macroeconomic context within which this technical configuration is unfolding is particularly complex and layered. On one side, ongoing geopolitical tensions in the Middle East and rising oil prices have created an environment of heightened uncertainty that traditionally weighs on risk-on assets such as bitcoin. On the other side, accumulating signs of economic slowdown are reinforcing market expectations of monetary easing by the Federal Reserve, a scenario that has historically proven favorable for bitcoin’s price trajectory.

The latest macroeconomic data published this week paints a rather mixed picture of the US economy. The labor market is displaying signs of deceleration, with job creation coming in below consensus expectations for the third consecutive month. Inflation, while moderating from its earlier peaks, remains stubbornly above the Federal Reserve’s 2% target, which limits the central bank’s room for maneuver when it comes to policy adjustments.

The bond market has already begun pricing in a rate-cutting scenario. Yields on 10-year Treasury notes have declined by nearly 30 basis points from their quarterly highs, a move that historically tends to precede a favorable period for risk assets. The yield curve, while still technically inverted, is showing early signs of a gradual normalization process.

For bitcoin, the current macroeconomic environment thus presents an interesting duality. In the short term,...