At 65°F and 14.7 psi CO2 partial pressure (0 psi gauge if headspace is 100% CO2) the equilibrium carbonation level is 0.88 volumes. So, that is how much carbonation should be in your beer at the end of a 65°F fermentation.
At 33°F and 14.7 psi CO2 partial pressure, the equilibrium carbonation level would be 1.56 volumes.
So, if you sealed the keg, and cold crashed, some of CO2 in the headspace would dissolve into the beer, lowering the pressure in the headspace. This would reduce the headspace pressure below 14.7 psi absolute (0 psi gauge), so the gauge pressure would go negative.
It's possible to calculate where the pressure would end up when equilibrium is reached, if you are interested.
Brew on