Bitcoin crashed more than $5,000 in under 48 hours after breaking the bear flag pattern's bottom trendline. U.S. spot Bitcoin ETFs shed 9,660 BTC this week as the price probed the 100-day SMA support level.
Bear Flag's Unbroken Descent
Lower highs and lower lows have defined Bitcoin's path since early May. The latest plunge cut straight from the pattern's midpoint to its lower boundary. Traders watched helplessly as the two-day collapse erased previous gains.
ETF Outflow Signals Retreat
U.S. spot Bitcoin ETFs bled 9,660 BTC in net outflows this week. The move confirms growing pessimism among institutional players. Many funds exited positions as the chart showed no relief in sight.
What the Price Channel Shows
Bitcoin's movement within a descending channel typically breaks upward. But the channel hasn't flipped yet. The pattern requires either a decisive break below support or a sustained bounce to change direction. Neither has happened by close of trade Friday.
Traders must wait for the price to hold above the 100-day SMA early next week or face potential further declines.
