Bitcoin’s price rose over the last three days, moving from a low of $106,340 to the current $110,000, as investors bought on the post-Federal Reserve interest rate decision dip. Summary Bitcoin price has formed a death cross pattern on the daily chart. Spot Bitcoin ETFs shed over $600 million in assets last week. Odds of the Federal Reserve interest rate cuts in December fell to 66%. Bitcoin price death cross points to a steep crash The daily timeframe chart shows that Bitcoin (BTC) has slumped in the past few days, moving from a high of $126,172 in September to the current $119,340. This chart points to more downside in the coming days as it has formed one of the most bearish patterns in technical analysis. It has just formed a risky death cross pattern, as the 50-day and 200-day Weighted Moving Averages crossed. A death cross is one of the most bearish patterns in technical analysis, as it signals that the short-term momentum is prevailing. Bitcoin price has also moved below the Supertrend indicator, a sign that it remains under pressure. It is also below the Major S/R pivot point of the Murrey Math Lines indicator. Most notably, the Average Directional Index and the True Strength Index indicators have pointed downward. These indicators mean the ongoing recovery is not strong enough. Therefore, the most likely scenario is where the coin resumes the downward trend. A move below the support at $106,342 will signal further downside, potentially to the psychological $100,000 level. BTC price chart | Source: crypto.news Spot BTC ETF outflows rise One potential catalyst for the bearish outlook is that spot Bitcoin ETFs had outflows last week. These funds shed over $607 million in outflows after adding $446 million in inflows a week earlier. These Bitcoin ETFs have cumulatively attracted over $61 billion in inflows. Their total net assets stand at $147.7 billion, representing 6.77% of the market cap. Spot Bitcoin ETFs recorded outflows after the Federal Reserve published its interest rate decision. It delivered its second interest rate cut of the year on Wednesday and warned that a December cut was not guaranteed. As a result, the odds of a December rate cut have dropped from over 90% last week to 66% on Polymarket. Bitcoin and other cryptocurrencies do well when the Fed is cutting rates.
