Bitcoin's demand momentum is losing steam. Looking at this cycle, we've witnessed three distinct demand surges, but the current wave appears to be rolling over—a potential warning sign for near-term price action.

Here's what the data shows: since early October, buying pressure has dipped below the longer-term trend line. This gap could translate into meaningful downside pressure for Bitcoin in the weeks ahead.

The question now is whether this represents a natural consolidation phase or the start of something more significant. Traders watching Bitcoin's technicals should keep an eye on how price responds to this weakening demand backdrop.