Bitcoin/Dai (BTCDAI) 24-Hour Market Overview

• Price surged to $111,177.21 but consolidated near $110,334.33 amid mixed momentum.
• Key resistance at $110,957.62 and support at $110,250.0 seen on 15-minute swings.
• Volume spiked during sharp breakouts but waned as price stalled in late ET.
• RSI hit overbought levels early, followed by a sharp pullback into oversold territory.
• Bollinger Bands expanded during the peak rally, signaling heightened volatility.

Bitcoin/Dai (BTCDAI) opened at $110,172.95 on 12:00 ET−1, surged to a high of $111,177.21, and closed at $110,334.33 by 12:00 ET. Total volume reached 1.4626 BTC, with a notional turnover of $161,306.70. Price action showed aggressive breakouts in early trading, followed by consolidation and volatility contraction in the final hours.

Structure & Formations

Price action displayed a bullish breakout in the early ET hours, peaking at $111,177.21, followed by a sharp pullback on waning volume. Notable support levels emerged at $110,250.0 and $109,991.53, with resistance identified at $110,957.62 and $110,559.22. A bearish engulfing pattern emerged at $111,177.21, signaling potential reversal. A small doji at $110,957.62 suggested indecision.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both trended upward early in the session but flattened as price consolidated. On the daily chart, Bitcoin appears to trade above the 50-day MA but near the 200-day MA, suggesting a mixed bias between short-term strength and long-term caution.

MACD & RSI

The MACD line crossed above the signal line early in the session, supporting the initial breakout. However, the histogram flattened as volume waned, indicating fading momentum. RSI surged into overbought territory before the peak, then fell sharply into oversold territory by 16:15 ET, suggesting potential for a rebound but also fatigue in the rally.

Bollinger Bands

Bollinger Bands expanded during the peak rally in early ET, with price breaching the upper band. As the session progressed, volatility contracted, and price closed near the 15-minute MA. This suggests a temporary exhaustion of momentum and a potential shift to consolidation or a possible reversal.

Volume & Turnover

Volume spiked sharply during the $111,177.21 high but declined rapidly in the following hour, with notional turnover aligning with the price move. A divergence between strong volume during the high and weak follow-through suggests a potential reversal. Turnover remained low during the final consolidation phase, signaling a lack of conviction in the short-term direction.

Fibonacci Retracements

The 61.8% retracement level on the 15-minute move from $110,250.0 to $111,177.21 was at $110,667.45, which price failed to hold. The 38.2% retracement at $110,464.29 coincided with a brief bounce but was followed by a decline. On the daily chart, the 61.8% retracement of the recent $110,250.0 to $111,177.21 move remains a critical watchpoint ahead of the next 24 hours.

Backtest Hypothesis

Given the observed price action, a backtest of the Hammer pattern appears relevant, particularly in light of the candlestick formations near key retracement levels. A robust backtest could confirm whether bullish reversal signals from the 15-minute timeframe (e.g., small bodies and long lower wicks) would have generated statistically significant returns with a 1-day holding period. However, the system could not identify the symbol "BTCDAI," so confirmation or substitution is required (e.g., "BTCUSDT" or "BTC-USD") to proceed. Once the data is sourced, the strategy can be tested using historical Hammer patterns from 2022-01-01 onward.