We view the recent Bitcoin death cross, where the 50-day SMA crossed below the 200-day SMA, as a bearish technical signal with historically mixed outcomes.

While this pattern sometimes marks local bottoms followed by short-term rebounds, it has also preceded deeper corrections during extended bear phases.

In the current environment, defined by stabilizing liquidity, returning institutional flows, and waning expectations for a December rate cut (now near 50% odds) traders should remain cautious.

Added pressure from reports such as Tom Lee’s warning about two major market makers facing financial deficits and lingering systemic risks suggests the market’s risk-off tone may persist in the near term.

This backdrop could prompt more defensive positioning, including strategic hedging or spot accumulation on platforms like Bitget, as investors seek to navigate potential volatility while positioning for medium-term recovery.

We expect BTC to trade between $90,000 and $110,000 in the short term, with ETH likely consolidating between $3,000 and $3,600 through November, assuming no major breakdowns occur.

Ryan Lee, Chief Analyst at Bitget

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