Market Overview for Bitcoin/Argentine Peso (BTCARS) – October 23, 2025

• Bitcoin/Argentine Peso opened at 173123206.0 and closed at 173638169.0, with a high of 176027630.0 and a low of 170550173.0.
• Price tested key resistance near 173782105.0 and found support at 171500000.0.
• A bullish breakout followed a consolidation pattern near 173000000.0.
• RSI and MACD showed mixed momentum, with RSI oscillating between overbought and neutral.
• Volatility expanded after 20:00 ET, with increased turnover during a sharp drop to 170550173.0.

Bitcoin/Argentine Peso (BTCARS) opened at 173123206.0 on October 22 at 12:00 ET and closed at 173638169.0 on October 23 at the same time. The 24-hour high was 176027630.0, while the low dropped to 170550173.0. Total volume was 3.06691 BTC, with notional turnover reaching approximately $536 million (assuming $1 = 250 ARS for rough conversion).

Structure & Formations

Price action exhibited a strong bearish breakdown in the late evening (21:15–22:30 ET) as BTCARS tested a prior support level near 171500000.0 before rebounding. A long lower shadow during this period suggested short-covering or buyer interest at 171500000.0. Later, a bullish engulfing pattern emerged during the 02:30–04:45 ET window, followed by a consolidation phase between 173500000.0 and 174000000.0. Key resistance levels include 173782105.0 and 174033237.0, with 171500000.0 appearing to act as a strong support zone. A doji near 175801357.0 also signaled indecision.

Moving Averages

On the 15-minute chart, the 20-period moving average (SMA 20) crossed above the 50-period SMA (SMA 50) near 174000000.0, indicating a potential short-term bullish bias. The 50 SMA remained above the 200 SMA, suggesting a neutral to slightly bullish mid-term bias. Daily chart averages (50/100/200 SMA) showed BTCARS closing above all three, which could indicate a recovery from a multi-day bearish trend if this holds through the next 48 hours.

MACD & RSI

The MACD line crossed above the signal line near 173600000.0, reinforcing the short-term bullish momentum observed in late trading hours. RSI remained in overbought territory (above 70) during the final hours, particularly between 06:00 and 07:30 ET, suggesting a risk of a near-term pullback. However, RSI also dipped below 30 during the deep selloff on October 22, signaling oversold conditions that coincided with a strong rebound.

Bollinger Bands

Price touched the upper Bollinger Band during a sharp rally to 176027630.0, indicating high volatility. The bands had been expanding since 20:00 ET, especially after the 21:15–22:30 ET decline. During this period, BTCARS traded near the lower band, reinforcing the bearish momentum. Later, during the 02:30–04:45 ET recovery phase, the price recentered within the bands, suggesting a return to equilibrium.

Volume & Turnover

Volume increased sharply during the selloff to 170550173.0 and again during the late-night rebound, suggesting meaningful participation from large players. The highest 15-minute volume spike occurred at 21:15 ET with a volume of 0.09038 BTC, corresponding with a sharp drop in price. Notional turnover also spiked during this period. However, a divergence between volume and price was observed during the 06:00–07:30 ET rally, as the price surged to a new high, but the volume did not confirm the strength, suggesting caution in interpreting the move.

Fibonacci Retracements

Applying Fibonacci to the October 22 selloff (176027630.0 to 170550173.0), BTCARS found initial support at 61.8% retracement (~173300000.0) and rebounded from the 50% level (~173294339.0). During the overnight rally, the price reached the 38.2% retracement (~174700000.0) before consolidating. These levels may continue to act as dynamic support/resistance if the trend continues.

Backtest Hypothesis

Given the observed price action and the key technical indicators (MACD, RSI, volume), a potential backtest strategy could involve entering long positions when the 20-period SMA crosses above the 50-period SMA and RSI remains above 50 (indicating bullish momentum). A stop-loss could be placed just below the 171500000.0 support level, with a take-profit target aligned with the 38.2% Fibonacci retracement (~174700000.0). Given the volatility and large volume swings, the strategy would benefit from a trailing stop and position sizing based on risk appetite.