Bitcoin Flashes Bullish RSI Divergence as $60,000 Support Comes Under Pressure

Bitcoin is testing the $60,000 support level, while bullish RSI divergences across multiple time frames are fueling hopes of a rebound.

Cointelegraph reported on June 29 that Bitcoin closed last week below $59,500. It was the first weekly close below that mark since September 2024, indicating that $60,000 is now acting as resistance rather than support. CoinGlass data show Bitcoin has fallen about 19% in June, its steepest monthly decline since the 2022 bear market and its biggest drop this year.

Traders are focusing on the RSI indicator. Whale trader Gerla wrote on X that Bitcoin is printing a bullish RSI divergence while forming a potential double-bottom pattern. Anonymous trader Heisenberg said the previous two selloffs did not show an RSI divergence, but this one does. Unlike earlier lows in 2026, he said, the latest move is producing a signal worth watching.

Trader and analyst Michaël van de Poppe said the bullish divergence should not be ignored. Bitcoin still needs additional momentum and a clear break above $61,000, he added.

Anonymous trader Exitpump said the $60,000 level recalls Bitcoin's $30,000 zone in 2022. Major support and resistance levels do not usually break on the first test, he said.

On-chain indicators are also showing signs of a bottom. CryptoQuant contributor I. Moreno said the UTXO Block Profit and Loss Ratio stands at 5.9, its lowest level since 2022. Bitcoin is showing the first signs of meaningful internal deleveraging, Moreno said, though historical patterns suggest the market may still need to absorb more pressure before the bearish phase is fully exhausted.

Seasonality could also offer support. July has historically been a favorable month for Bitcoin. Trader Rekt Capital said that when June ends lower, July has repeatedly followed with a rebound. CoinGlass data show that since 2013, June and July have moved in the same direction only three times. Rekt Capital has also maintained that the current bearish phase could continue for several more months and that fresh lows cannot be ruled out.