Analysts point out that the price trend of Bitcoin has formed a bearish continuation pattern on the daily chart, which may drive the BTC price to a new low.
Key points:
The sharp decline in spot purchases and the continued weakening of ETF demand indicate that the upside potential may be limited.
The bearish flag pattern on the daily timeframe predicts a price target of $67,000.
The BTC/USD trading pair has formed a bearish flag pattern on the daily chart, as shown in the figure below. This bearish flag pattern emerged after Bitcoin's drop from the $107,000 high on November 11, while the recent rebound faced resistance at around $93,000, near the upper boundary of the flag.
If the daily candlestick closes below the lower boundary of the flag at $90,000, it may open a downward channel towards the measured target of $67,380, close to the price peak of 2021. This would imply a drop of about 25% from the current price.
Trader Roman stated in a post on the X platform on Tuesday: "The MACD and RSI indicators were in extreme oversold territory, and this trend allowed them to cool down, enabling us to continue the downward trend," referring to the consolidation process of BTC within the flag.
Analyst Colin Talks Crypto, using a pseudonym, indicated that although a downward trend is expected after the flag confirmation, the $74,000-$77,000 range "is likely to become the final bottom," he added:
Meanwhile, cryptocurrency trader Aaron Dishner believes that the BTC price may retest $92,000, then approach $98,000 just below the upper boundary line of the bearish flag, before continuing the downward trend.
1/ Bitcoin almost tested its first resistance fan level yesterday. It remains inside its bear flag and likely to revisit support near $86k–$87k. If Bitcoin pumps, it faces resistance at $92,216 then near $98k under the upper bear flag line. Volume remains too weak to drive higher… pic.twitter.com/choWsb94Cz
As reported by Cointelegraph, due to macroeconomic uncertainty, liquidation events, and stagnation in spot ETF fund flows, BTC failed to successfully retest the annual opening price above $93,000, leading traders to withdraw from the BTC market.
The ability of BTC to break above the annual opening price of $93,000 seems limited, primarily due to the absence of buyers in the market.
The cumulative volume delta (CVD) indicator for BTC (used to measure the net difference between buy and sell volumes) shows that even after BTC's recent rebound, the net spot buying on exchanges remains negative.
Glassnode noted in its latest market pulse report that BTC's spot CVD has further declined from -$40.8 million to -$111.7 million over the past week, "clearly pointing to stronger potential selling pressure." The report further added:
The market intelligence provider stated that last week, the demand for spot Bitcoin ETFs significantly slowed, with fund inflows turning sharply from $134.2 million to $707.3 million in outflows, and further explained:
According to data from Farside Investors, these investment products experienced an outflow of $60 million just on Monday.
🇺🇸 ETF FLOWS: ETH, SOL, and XRP spot ETFs saw net inflows on Dec. 8, while BTC spot ETFs saw net outflows. BTC: -$60.48M ETH: $35.49M SOL: $1.18M XRP: $38.04M pic.twitter.com/L4yMudTt3G
Cointelegraph previously reported that BTC's recent rebound could be a bull trap, with some market analysts even predicting that the BTC price could drop to as low as $40,000 in the coming months.
Related: Bitcoin hash ribbon indicator flashes "buy" signal at $90,000: Will BTC price rebound?
Original text: “Bitcoin's 'Bear Flag Pattern' Targets $67,000 as BTC Spot Demand Slumps”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
