Death Cross Hits Bitcoin, but Bulls Say Bottom May Be In

• Global crypto market cap drops near $3.25T with rising fear.
• Bitcoin prints a Death Cross but sits near major support.
• Resistance stands between $96,764 and $99,644 with no breakout yet.

Crypto prices are under pressure as overall market sentiment turns sharply negative. The total market cap has slipped to about $3.25 trillion, down almost 1%. Most top coins are struggling, with Bitcoin still holding near $96,000, but showing weekly losses, and altcoins showing even weaker confidence.

Additionally, Bitcoin’s chart has just flashed a Death Cross, a technical signal that normally points to weakness. However, analyst Colin argues that this time the pattern could actually turn into a bullish catalyst, especially given where price action has landed. 

Why This Setup Is Seen As Bullish

Even though the name sounds alarming, the Death Cross has a history of appearing close to market bottoms, not tops. Bitcoin has now moved directly into a major support zone at the lower edge of its long-term channel, a technical region known for strong recovery potential. This combination has raised expectations of a near-term bounce.

The big question is whether any upward move will lead to new all-time highs or simply act as a temporary relief rally before more downward pressure.

Related: Bitcoin Falls Below $96K, Yet Expert Says This Is The ‘Easiest Bear Market Ever’

Macro Catalyst: Fed Policy Shift

A fundamental event arrives on December 1, when the U.S. Federal Reserve is scheduled to end quantitative tightening (QT). A shift away from liquidity reduction has historically been supportive for digital assets, including Bitcoin.

“But in the short term I am optimistic for an upward move beginning very soon. Within days,” the analyst said.

Bitcoin Sentiment Hits Extreme Fear

Bitcoin has fallen to around $95,000, and market sentiment has dropped into extreme fear, with the Fear & Greed Index hitting 10, one of the lowest readings seen in a long time. 

Related: Who Is Selling Bitcoin? New Data Shows a Slow Bleed, Not Panic

Recent analysis shows that Bitcoin may have completed one more minor push downward, forming a final low within its short-term wave structure. The price has now begun to move slowly toward a resistance zone between $96,764 and $99,644, but there is still no clear bullish confirmation. 

If the resistance fails to break, the price may still revisit the $91,000 region.