Opinion: Spot demand has plummeted, Bitcoin has formed a bearish flag pattern, and the target price is $67,000.

Bitcoin's price action has formed a bearish continuation pattern on the daily chart, potentially pushing BTC to new lows. A sharp decline in spot buying and weakening ETF demand suggest limited upside potential, with the bear flag pattern targeting $67,000. The BTC/USD pair has formed a bear flag pattern on the daily chart. The bear flag pattern formed after the drop from a high of $107,000 on November 11th, with recent rallies rejected near the upper boundary of the flag at $93,000. A daily close below the lower boundary of the flag at $90,000 could open the way for a move towards the pattern's projected target of $67,380 (approximately the 2021 price peak), implying a 25% drop from the current price. Trader Roman posted on the X platform that indicators are oversold, and the current consolidation is cooling them, preparing for a continued downtrend. In its latest report, Glassnode stated that Bitcoin's cumulative volume difference (CVD) for spot trading further narrowed to -$111.7 million from -$40.8 million last week, indicating increased potential selling pressure and a bearish bias in the short term. 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, suggesting investors are taking a more cautious approach as they reassess their positions. According to Farside Investors data, ETFs saw another $60 million outflow on Monday. (Cointelegraph)