Immutable/Bitcoin (IMXBTC) Market Overview for 2025-10-29

• IMXBTC traded in a narrow range until late ET, then surged above 4.66e-06 before consolidating.
• Price dipped to 4.51e-06 during high-volume selloffs around 21:15 ET but recovered strongly by 11:00 ET.
• 24-hour volume hit 94,907.49 IMX, with turnover peaking during the late-night rebound.
• RSI and MACD suggest short-term overbought conditions, but key support at 4.57e-06 holds firm.
• Bollinger Bands show a recent widening, indicating increased volatility, with price now near the upper band.

The Immutable/Bitcoin (IMXBTC) pair opened at 4.65e-06 on 2025-10-28 at 12:00 ET and reached a high of 4.75e-06 by 11:15 ET the following day, while finding support as low as 4.51e-06. It closed at 4.66e-06 as of 12:00 ET on 2025-10-29. Total volume for the 24-hour period was 94,907.49 IMX, with notional turnover reflecting the price swings and heightened activity during the late-night recovery.

Structure & Formations

Price action over the last 24 hours exhibited a notable range-bound to breakout pattern. A key support level around 4.57e-06 was tested multiple times and held firm, preventing a deeper correction. A strong bullish reversal pattern appeared around 21:45 ET and again at 00:30 ET as price moved above 4.66e-06. However, no clear engulfing or doji patterns were formed that would strongly confirm a reversal, though the consolidation after the 4.71e-06 peak on 10/29 suggests a potential top-forming structure.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed above 4.62e-06, suggesting a short-term bullish bias. On the daily chart, the 50- and 200-period moving averages were not available for this time frame but would likely have indicated a broader bearish trend if accessible. Price has been trading above the 50-period MA in the short term, suggesting momentum could be shifting toward bulls in the near term.

MACD & RSI

The MACD histogram turned positive in the final hours of the 24-hour period, aligning with the price rebound from 4.59e-06 to above 4.66e-06. The RSI crossed into overbought territory above 70 during the late ET session, which could indicate a potential pullback. However, given the strong volume during this move, momentum may continue to favor longs in the short term.

Bollinger Bands

Volatility spiked during the 21:15–23:45 ET selloff, with the Bollinger Bands widening significantly. Price bottomed near the lower band before a strong rebound took it close to the upper band. This widening and recentering suggests a period of consolidation may be ahead, with potential for another breakout if buyers remain aggressive.

Volume & Turnover

Volume surged during the 21:15–23:45 ET sell-off, particularly at 21:15 ET when a large 29,530.49 IMX trade moved price down to 4.55e-06. This was followed by a sharp increase in buying pressure as volume rebounded sharply post-23:00 ET. Turnover spiked during this rebound, with large trades moving the price from 4.55e-06 to 4.66e-06. This price and volume alignment suggests a strong short-term bullish reversal may be in play.

Fibonacci Retracements

Applying Fibonacci retracement levels to the key swing low at 4.51e-06 and the swing high at 4.75e-06, the 61.8% level is at 4.63e-06 and the 38.2% level at 4.66e-06. Price closed near the 38.2% level, which now acts as a potential resistance. If bulls can break above 4.66e-06, the next target may be 4.69e-06 before testing the 4.72e-06 peak again.

Backtest Hypothesis

Given the presence of multiple bullish reversals and a strong closing above key retracement levels, a backtest based on a “Bullish Engulfing” pattern could be particularly relevant for IMXBTC. The pattern typically involves a large bullish candle following a bearish one and is often used to confirm short-term reversals. If the correct IMXBTC symbol and exchange can be confirmed, this strategy could be validated using the historical OHLCV data to measure entry, stop-loss, and exit levels. This could provide actionable insights for traders seeking to capitalize on similar patterns in the future.