Bitcoin's ‘bear flag pattern’ targets $67K as BTC spot demand slumps

Bitcoin's price action suggests a bearish continuation pattern, specifically a bear flag on the daily chart, which formed after the drop from $107,000 highs. If the price closes below the flag's lower boundary at $90,000, the pattern targets a drop to $67,380, near the 2021 price top. Analysts suggest potential bottoms could be in the $74,000-$77,000 zone, though immediate resistance is seen near $92,200.

The bearish outlook is supported by weakening demand indicators. Bitcoin's spot Cumulative Volume Delta (CVD) shows negative net buying pressure, indicating aggressive selling. Furthermore, spot Bitcoin ETF demand slumped significantly last week, flipping from net inflows to a $707.3 million outflow, reflecting cautious institutional positioning and profit-taking, which limits the ability to push past the yearly open resistance above $93,000.

(Source：Cointelegraph)