Bitcoin's Hottest ETF Is Careening Into A Death Cross — But Tom Lee Isn't Backing Off His Bull Case

iShares Bitcoin Trust ETF's (NASDAQ:IBIT) chart is starting to look like someone pulled the floorboard loose. The once unstoppable Bitcoin ETF has slipped into a technical setup that's hard to sugarcoat: the 50-day is now sliding toward the 200-day, and a death cross is close enough that traders are counting the pixels.

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IBIT Trend Signals Turning Bearish

Chart created using Benzinga Pro

IBIT is trading at $52.14, sitting below every major long-term moving average. The 50-day at $58.79 and the 200-day at $58.67 are nearly glued together, tilting downward and setting up the bearish crossover.

Momentum isn't helping either. The MACD (moving average convergence/divergence) at a negative 1.83 shows sellers still in control, while the RSI (relative strength index) at 45 isn't even flashing oversold — meaning pressure can build without technical buyers rushing in to rescue the chart.

Short-Term Support Looking Fragile

Zooming in doesn't offer much comfort. The eight-day at $51.58 and 20-day at $51.72 sit just under the current price, providing a thin cushion and not much else. One clean break and IBIT loses its only near-term foothold.

The ETF is already down 13% over the past month, 16% over six months and 6% year to date — drifting steadily from its $71.82 high and creeping toward its $42.98 low.

Read Also: Tom Lee Says Bitcoin Could Rebound To Break Records By January — ‘The High Isn’t In Yet’

Tom Lee Holding The Line

But while the chart is flirting with a technical breakdown, Tom Lee refuses to blink. The Fundstrat bull is still calling for Bitcoin (CRYPTO: BTC) to end the year above $100,000, even hinting at a possible new high before the calendar flips. In other words, he thinks the chart is lying and the market is simply shaking out tourists.

A Market Split Between Charts And Conviction

If the death cross lands, traders will brace for a deeper unwind. If Lee is right, the cross becomes just another false alarm in a longer bullish arc. Either way, IBIT is heading into a decisive stretch — and this chart is about to get loud.

Read Next:

• Jim Cramer Says Saylor Could Pull Off The ‘Squeeze Of A Lifetime’ — Is Bitcoin The Weapon?

Image created using artificial intelligence via Gemini.