io.net/Bitcoin 24-Hour Market Overview

• Price surged to a 24-hour high of $5.68e-06 but retreated to a closing level of $5.46e-06 by 12:00 ET.
• Bullish momentum emerged after 18:00 ET but faded amid declining volume and diverging turnover.
• Volatility expanded in late ET hours, with price breaching Bollinger Bands before consolidating.
• A bearish engulfing pattern formed near $5.48e-06, signaling potential reversal after a bullish thrust.
• Turnover spiked to $1617.12 at 02:30 ET, but volume failed to confirm sustained bullish conviction.

At 12:00 ET–1, IOBTC opened at $5.42e-06, reached a high of $5.84e-06, and closed at $5.46e-06 by 12:00 ET. Total volume amounted to 14,343.17 and turnover reached $5.63e-06. The session featured a sharp mid-ET bullish breakout followed by consolidation and a bearish pullback in the late hours.

Structure & Formations

Price formed a bullish breakout above $5.63e-06, supported by a cluster of higher highs between 22:00–23:00 ET. A bearish engulfing pattern emerged near $5.48e-06, signaling potential bearish continuation after a failed push to $5.84e-06. A doji appeared at $5.63e-06, indicating indecision following a key resistance test. Key support levels include $5.44e-06 and $5.41e-06, while resistance remains at $5.63e-06 and $5.68e-06.

Moving Averages

The 15-minute 20SMA and 50SMA crossed bearishly in the final hour, aligning with the consolidation phase. On the daily chart, the 50DMA and 100DMA are converging near $5.55e-06, suggesting a potential support zone. The 200DMA remains bearish at $5.45e-06, acting as a medium-term floor.

MACD & RSI

MACD turned bearish in the final two hours, with the histogram showing a fading bullish thrust. RSI moved into overbought territory (70–80) around 23:00 ET but retreated to neutral (50–60) by the end of the session, suggesting momentum has paused. The oscillator appears to be forming a bearish divergence with price as volume declined during the rally.

Bollinger Bands

Volatility expanded significantly after 22:00 ET, with price breaching the upper band at $5.77e-06. By the final hour, price retracted and settled within the lower band, indicating a potential consolidation phase. The mid-ET contraction in the bands preceded the breakout, signaling a period of low volatility before a sharp move.

Volume & Turnover

Volume spiked to a session high of 1,617.12 at 02:30 ET, coinciding with a key bullish move to $5.84e-06. However, turnover failed to confirm sustained momentum, as volume declined sharply afterward. Divergence between volume and price emerged after 05:00 ET, with bearish pressure increasing on thin volume, suggesting potential weakness.

Fibonacci Retracements

A 38.2% retracement of the 18:00–22:30 ET move is found at $5.61e-06, while the 61.8% level aligns with $5.53e-06. Price tested the 61.8% level before retreating, suggesting this zone may act as near-term support. On the daily chart, the 50% retracement aligns with $5.55e-06, which now coincides with the convergence of moving averages.

Backtest Hypothesis

The described backtesting strategy emphasizes entries after a confirmed breakout above the upper Bollinger Band, paired with a bullish MACD crossover and RSI above 55. Given the recent volatility expansion and retest of the 50% Fibonacci level, a similar strategy could be applied using the 15-minute chart. The key would be to wait for confirmation of a breakout above $5.68e-06, with a stop-loss below the 61.8% retracement at $5.53e-06. Volume and turnover data from this session suggest the need to filter signals based on volume confirmation to avoid false breakouts.