Bitcoin's technical outlook is weak, with a bear flag pattern indicating downside pressure. The $67,000 level becomes a key test.

Daily Chart Shows Selling Pressure Signal

Market analysis indicates that Bitcoin is forming a bearish continuation pattern on the daily candlestick chart, and this structural breakdown could trigger a new wave of declines. Based on technical analysis, since mid-November when Bitcoin retreated from a high of $107,000, the recent rebound was met with selling pressure near $93,000, causing the overall trend to enter a consolidation phase.

If the daily close falls below the support zone of $90,000, the downside target will be around $67,380, which is equivalent to the previous cycle’s top level, representing a potential 25% decline. From a technical indicator perspective, MACD and RSI are already in an extremely oversold state, reflecting that short-term correction space still exists.

Spot Demand Weakening Becomes a Concern

The real dilemma facing Bitcoin lies in the shrinking fundamental demand. According to data from on-chain monitoring platforms, over the past week, the net buy-sell volume difference (CVD indicator) for Bitcoin spot trading worsened from -$40.8 million to -$111.7 million, indicating a continued decline in net buying on exchanges. This intensifying selling pressure clearly points to a lack of investor confidence.

Even more worrying is the significant outflow of funds from spot ETFs. Last week, the net inflow of spot Bitcoin ETFs shifted to a net outflow of $707.3 million from a previous net inflow of $134.2 million, reflecting that institutional investors may be taking profits or reassessing risks. As of this Monday, BTC spot ETF recorded another net outflow of $60.48 million, while other cryptocurrencies like ETH, SOL, XRP saw net inflows, highlighting a reallocation of funds within the crypto market.

Analysts Hold Divergent Views

Different market participants have varying opinions on the future trend. Some technical traders suggest that if Bitcoin is rejected at the $92,200 level upon retesting, it may then test support around $86,000-$87,000. If the subsequent rebound fails to hold above $98,000, the long-term downtrend remains unchanged. They emphasize that weak volume data makes it difficult to support any sustainable upward rally.

An anonymous analyst believes that although technical signals point to a test of $67,000, the actual bottom may form in the $74,000-$77,000 range. Once this level is reached, a strong rebound is expected. Under the combined pressure of macroeconomic uncertainties, chain reaction liquidations, and stagnant spot ETF funds, Bitcoin’s ability to break through the early-year high of $93,000 is significantly challenged.

Risks and Opportunities Coexist

Bitcoin is currently priced at $90,690, still with considerable room to reach the technical target of $67,000. Market rumors include the most aggressive forecasts suggesting a possible drop to $40,000 within a few months, though such predictions remain to be validated. In the current situation, cautiousness is advised for longs, and risk management is essential for shorts. When the true bottom signals will appear depends on further observation of on-chain data and capital flow changes.