Bitcoin Shows Bottoming Signals as CME Shorts Unwind and Retail Panic Searches Hit Record High
Bitcoin has fallen by more than half from its record high of $126,000 and briefly touched $60,000 on February 6. The market is therefore focusing on the U.S. Commodity Futures Trading Commission’s Chicago Mercantile Exchange positioning report and Google Trends search interest to gauge, through institutional positioning and retail sentiment, whether selling pressure is nearing exhaustion.
Data from February 23 showed that noncommercial CME traders had sharply reduced their net short positions. Similar signals after the 2023 and 2025 lows were followed by gains of about 190% and 70%, respectively. The U.S. search index for “Bitcoin going to zero” rose to 100 in February. By March 5, BTC had rebounded 21% from $60,000 to $74,000 and broken above the $70,000 neckline of a double-bottom pattern.
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The history behind this eventBitcoin Close Above $63,000 May Signal a Bottom
Bitcoin fell to about $59,000 at one point in 2026, leaving the market focused on whether $63,000 could shift from resistance to support. Cointelegraph said the weekly relative strength index (RSI) formed a higher low as the price hit a new low, resembling the bullish divergence seen from late 2022 to early 2023. However, the bottoming signal indicates only that selling pressure is easing and does not yet confirm a trend reversal.
A June 22, 2026, report showed that Bitcoin had closed above $63,000 for three consecutive weeks. CryptoQuant said futures open interest fell 19.5%, from $25.96 billion on June 1 to $20.89 billion on June 21, while funding rates declined from 0.1% to 0.02%. SoSoValue data showed spot ETFs recorded $540 million in net outflows over the previous two weeks, a marked slowdown from $5.5 billion over the preceding nearly one-month period.
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