Since dropping to around $59k, Bitcoin has closed above $63k for three consecutive weeks, indicating that buying support in that area still exists.

Meanwhile, market leverage is gradually cooling down. Bitcoin futures open interest has decreased by nearly 20% from its June high, and funding rates have significantly declined. The outflow of spot ETF funds has also slowed considerably compared to before, suggesting that excess selling pressure in the market is gradually being released.
On the technical side, many traders are beginning to focus on weekly RSI divergence patterns. Currently, $BTC near $63k is forming a positive signal, which bears some resemblance to the bottoming phase at the end of the last bear market.
On-chain data also shows somewhat positive signals. Long-term holders' positions continue to increase, with more and more chips flowing into steadfast holders.
Meanwhile, indicators measuring selling pressure have remained at low levels for several years, indicating that market panic selling is not very strong.
Although short-term volatility still exists, from technical, capital, and on-chain data, more and more signs suggest that BTC is attempting to establish an important bottom zone for a new cycle.
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