Bitcoin (BTC) prices rallied over $116,500 today, marking a more than 3% daily gain after a dip to $112,000 earlier this week. This surge was fueled by a hint from Jerome Powell about potential interest rate cuts if the job market weakens. Now, markets anticipate a 90% chance of such a cut this year. However, on the charts, there’s a warning signal: a potential death cross. On the daily chart, Bitcoin reclaimed both its 23-day and 50-day moving averages in one green candle, but now these averages are converging into a bearish trend if prices cool down again. The 200-day trendline, hovering around $100,600, serves as a crucial support level, while the crossing of the shorter lines under it would constitute a classic death cross — a sign that euphoric spikes often lead to larger pullbacks. Market activity is high: nearly $240 million in short positions were liquidated within an hour, boosting total futures turnover by 55% to $107 billion, according to CoinGlass. Options volume surged more than double, reaching $8.4 billion, while open interest slipped slightly (3%). This suggests a focus on profit-taking rather than high-risk trading. The Binance and OKX ratios exceeding 1.4 indicate a market heavily tilted toward the long side, creating a potential setup for substantial profit if sentiment shifts, but it also underscores a potential risk of a quick reversal when those signals change.