According to Odaily Odaily, Bitcoin's price action has formed a bearish continuation pattern on the daily chart, which could push BTC to new lows. A sharp decline in spot buying and weakening demand for ETFs suggest limited upside potential, with the bearish flag pattern targeting $67,000.
The BTC/USD currency pair has formed a bear flag pattern on the daily chart. The bear flag pattern formed after the drop from the high of $107,000 on November 11th, and the recent rebound was rejected near the upper boundary of the flag at $93,000.
If the daily closing price falls below the lower boundary of the flag pattern at $90,000, it could open the way for a drop towards the pattern's projected target of $67,380 (approximately the price peak in 2021), which would represent a 25% decline from the current price.
Trader Roman posted on the X platform that indicators were in oversold territory, and the current consolidation is cooling them down, preparing for a continued downward trend. Glassnode, in its latest report, stated that Bitcoin's cumulative spot volume difference (CVD) further narrowed from -$40.8 million last week to -$111.7 million, indicating increased potential selling pressure and a short-term bearish sentiment.
Glassnode noted that demand for spot Bitcoin ETFs slowed last week, shifting from a net inflow of $134.2 million to a net outflow of $707.3 million, indicating that investors are taking a more cautious approach as they reassess their positions. According to Farside Investors data, ETFs saw another $60 million in outflows on Monday. (Cointelegraph)
