{"id":22507,"date":"2026-02-22T06:31:24","date_gmt":"2026-02-22T06:31:24","guid":{"rendered":"https:\/\/bitunikey.com\/news\/will-bitcoin-price-crash-to-60k-as-bearish-double-top-coincides-with-5-week-etf-outflows-streak\/"},"modified":"2026-02-22T06:31:34","modified_gmt":"2026-02-22T06:31:34","slug":"will-bitcoin-price-crash-to-60k-as-bearish-double-top-coincides-with-5-week-etf-outflows-streak","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/will-bitcoin-price-crash-to-60k-as-bearish-double-top-coincides-with-5-week-etf-outflows-streak\/","title":{"rendered":"Will Bitcoin price crash to $60k as bearish double top coincides with 5-week ETF outflows streak?"},"content":{"rendered":"<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Bitcoin price has formed a highly bearish pattern that hints at a potential crash to $60K as both institutional and retail confidence continued to erode in the legacy crypto asset.<\/p>\n<div id=\"cn-block-summary-block_9cd326c77482c38b6c1ba7fb82a56c4e\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Bitcoin price is at risk of more downside after forming multiple bearish patterns.<\/li>\n<li>Searches for \u201cBitcoin going to zero\u201d have hit an all-time high.<\/li>\n<li>Nearly $4 billion has left spot Bitcoin ETFs over past 5-weeks.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>According to data from crypto.news, Bitcoin (BTC) price fell to an intraday low of around $65,700 on Thursday before bouncing back above $67,000 at press time. At this price, it remains 15% below its February high and down over 46% below its all-time high.<\/p>\n<h1 class=\"wp-block-heading\">Multiple bearish patterns form on Bitcoin chart<\/h1>\n<p>On the daily chart, the bellwether asset\u2019s price action appears to have formed multiple bearish patterns.<\/p>\n<p>Notably, Bitcoin price has charted a double top pattern, which is one of the most popular bearish patterns in technical analysis. Such a formation with two rounded tops has typically been marked with a downside equal to the height of the peaks from the neckline.<\/p>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">Bitcoin price has formed multiple bearish patterns on the daily chart \u2014 Feb. 20 | Source: crypto.news<\/figcaption><\/figure>\n<p>Bitcoin price has also formed a bearish pennant pattern, which appears like an inverted flagpole and is also another bearish signal indicating further continuation of the trend.<\/p>\n<p>The convergence of both these bearish patterns at the same time significantly increases a bearish outlook for the asset in the coming sessions.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<p>Adding to this, Bitcoin price currently lies below all of the key moving averages with a bearish crossover between the 20-day and 50-day SMA at play. Meanwhile, the Chaikin Money Flow index has also printed a negative reading of -0.06 at press time, suggesting capital outflows away from its market, a metric that suggests selling pressure is building across the board.<\/p>\n<p>Hence, the path of least resistance points to a bearish prediction for Bitcoin, where bears could try to push the token price down towards the $60,000 mark, a level that is calculated by subtracting the height of the double tops formed from the breakout point.<\/p>\n<p>Breaking below this key psychological support could position Bitcoin for a steeper drop towards $50,000.<\/p>\n<h2 class=\"wp-block-heading\">Market sentiment shows heavy bearish overhang<\/h2>\n<p>The bearish narrative gains strength from the fact that retail sentiment already appears to have taken a negative turn.\u00a0<\/p>\n<p>According to Google Trends data, global searches for \u201cBitcoin going to zero\u201d have reached a five-year peak, hitting a perfect 100 score on the relative interest scale. This surge in doom-scrolling interest matches levels last seen during the 2022 FTX collapse.<\/p>\n<p>At the same time, the Crypto Fear and Greed <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/#google_vignette\" target=\"_blank\" rel=\"nofollow\">Index<\/a>, a metric that traders use to gauge market psychology, has remained under 10 for the past three days, marking extreme fear levels not seen for nearly two years.<\/p>\n<p>Traders have accordingly positioned themselves with the overall market bias leading bearish, as evidenced by Bitcoin\u2019s long-short ratio slipping below the 1.0 threshold, data from CoinGlass <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/currencies\/BTC\/futures\" target=\"_blank\" rel=\"nofollow\">show<\/a>.<\/p>\n<h2 class=\"wp-block-heading\">ETF outflows extend into fifth week<\/h2>\n<p>Meanwhile, spot Bitcoin ETFs, which have been the primary engine that draws in institutional investment into the space, have also slowed down. Data from <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/sosovalue.com\/assets\/etf\/us-btc-spot\" target=\"_blank\" rel=\"nofollow\">SoSoValue<\/a> show that the 12 spot Bitcoin ETFs have recorded persistent outflows, extending what could become the first five-week outflow streak since last March.<\/p>\n<p>These investment vehicles have lost nearly $4 billion in the period. For context, during the previous cycle, these ETFs had drawn in nearly $20 billion and significantly fueled Bitcoin\u2019s rally towards fresh highs.<\/p>\n<p>However, according to some analysts, a visit to $60k could also mark the <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/finance.yahoo.com\/news\/analyst-warns-bitcoin-could-drop-192528247.html\" target=\"_blank\" rel=\"nofollow\">bottom for the current cycle<\/a>. This area coincides with the 200-week EMA, which has historically acted as a strong support level in past bear cycles.\u00a0<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<div class=\"cn-block-disclaimer\">\n<div class=\"cn-block-disclaimer__icon\">\n            <svg class=\"icon icon-info\" aria-hidden=\"true\"><use xlink:href=\"#icon-info\"><\/use> <\/svg>        <\/div>\n<p class=\"cn-block-disclaimer__content\">\n            Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.        <\/p>\n<\/p><\/div>\n<p><!-- .cn-block-disclaimer --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price has formed a highly bearish pattern that hints at a potential crash to $60K as both institutional and retail confidence continued to erode in the legacy crypto asset.&hellip;<\/p>\n","protected":false},"author":1,"featured_media":15282,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-22507","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/22507","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=22507"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/22507\/revisions"}],"predecessor-version":[{"id":22508,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/22507\/revisions\/22508"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/15282"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=22507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=22507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=22507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}