Bitcoin/Eurite Market Overview – 2025-09-26

• Bitcoin/Eurite (BTCEURI) opened at $95,369.99 and closed at $93,400.05 over 24 hours, down $2,170.
• Price formed a bearish engulfing pattern and tested key support at $93,400 with confirmation.
• Volatility expanded after 19:00 ET, with a peak range of $93,291–$94,496.
• Turnover spiked after 19:00 ET but failed to confirm a reversal; RSI reached oversold levels.
• Bollinger Bands narrowed mid-day before a sharp breakout to the downside.

Bitcoin/Eurite (BTCEURI) opened at $95,369.99 at 12:00 ET–1 and closed at $93,400.05 by 12:00 ET, with a high of $95,697.50 and a low of $93,133.77. Total volume was 9.94 BTC, and notional turnover was $925,174. The pair showed bearish momentum in the early evening with a sharp drop, forming multiple bearish reversal patterns.

Structure & Formations

Price action showed a strong bearish engulfing pattern forming between 18:45 and 19:00 ET, confirming the breakdown from $94,013.59. A large bearish candle at $93,291.49 and a doji at $93,400.05 marked a key support level. Resistance at $94,375.80 and $94,052.8 failed to hold, suggesting a potential test of $93,000 in the near term.

Moving Averages

The 15-minute chart showed a bearish cross between the 20- and 50-period EMA starting at 19:00 ET, confirming the sell-off. On the daily chart, the 50-EMA crossed below the 100-EMA, reinforcing the bearish bias. The 200-EMA at $94,500 has become a key resistance ceiling for a potential short-term bounce.

MACD & RSI

MACD turned negative sharply after 19:00 ET with bearish divergence. RSI dropped below 30 at 22:00 ET, reaching an oversold reading of 25, but failed to trigger a meaningful rebound. Price continues to trade below the 20-period moving average, indicating ongoing bearish momentum.

Bollinger Bands

Volatility expanded significantly after 19:00 ET, with price breaking below the lower Bollinger Band at $93,266.92. The 20-period band width widened from 0.5% to 2.4% within two hours, a strong bearish signal. Price remained below the 20-period SMA for the majority of the session, indicating a lack of buyers at current levels.

Volume & Turnover

Volume surged to 0.72 BTC at 18:00 ET and remained elevated through 20:45 ET, with a total 24-hour volume of 9.94 BTC. Notional turnover spiked to $39,041 at 18:00 ET, then declined after 21:00 ET as the price moved lower. Price and turnover showed a bearish divergence after 21:00 ET, suggesting weak conviction in the short-term rebound attempts.

Fibonacci Retracements

On the 15-minute chart, the pullback found support at the 61.8% Fibonacci level ($93,416.82), aligning with the doji formation. Daily Fibonacci levels showed the $93,500 mark (38.2%) as a potential short-term support. A break below $93,100 would target the 78.6% level at $92,600.

Backtest Hypothesis

Given the bearish divergence in MACD, the failure to hold key resistance levels, and the confirmation of bearish candlestick patterns, a backtest could be designed to enter short positions on a break below the 61.8% Fibonacci retracement at $93,416.82, with a stop just above $94,052.8. A target could be set at $93,000, with a trailing stop at 1.5% of the entry price. This strategy would align with the current bearish technical environment and could be tested on similar historical breakouts.