Market Overview for EIGENBTC (EigenLayer/Bitcoin) on 2025-10-29

• EIGENBTC edged lower over 24 hours, with bearish momentum gaining traction in the late session.
• Volatility dipped as the price consolidated near key support levels, with no clear breakout in sight.
• RSI signaled oversold territory by the close, suggesting potential for a short-term rebound.
• Volume surged during the early morning (ET), with strong bearish turnover ahead of the 12:00 ET close.
• A bearish engulfing pattern formed near the session high, reinforcing short-term bearish bias.

EIGENBTC opened at $9.46e-06 on 2025-10-28 at 12:00 ET and reached a high of $9.59e-06. The pair closed at $9.42e-06 on 2025-10-29 at 12:00 ET, with a low of $9.2e-06 during the session. Total volume over the past 24 hours amounted to 67,483.25, while notional turnover was approximately $629.52.

The price formed a bearish engulfing pattern at the session high, indicating a potential reversal from bullish to bearish sentiment. This pattern, combined with the RSI dipping into oversold territory, suggests that the market is nearing a potential short-term bottom. The price appears to have found support at $9.2e-06, a level that has previously held during periods of increased volatility.

The 20-period and 50-period moving averages on the 15-minute chart both show a bearish crossover, reinforcing the downward bias. The 50-period MA remains above both the 20-period and the price, indicating a broader bearish trend. While not visible in the daily chart data provided, longer-term moving averages like the 100 and 200-period MAs are expected to support this bearish structure.

Bollinger Bands indicate a period of moderate volatility. Price action has remained within the bands for most of the session, with the most recent contraction occurring in the last 3–4 hours. This contraction could foreshadow a breakout or a continuation of the downward trend. The MACD remained in bearish territory, with the histogram shrinking slightly in the final hours, indicating waning bearish momentum.

Volume and turnover spiked sharply during the early morning hours, particularly between 01:00 ET and 02:00 ET, with the largest single-candle turnover occurring at 01:45 ET. Despite these spikes, price action continued to trend lower, indicating a divergence between volume and price. This divergence suggests that sellers are still in control, though their dominance may weaken as RSI indicates oversold conditions.

Fibonacci retracements drawn from the recent 15-minute swing high at $9.59e-06 and low at $9.2e-06 show key levels at 38.2% ($9.45e-06) and 61.8% ($9.35e-06). The price has bounced slightly above the 61.8% level in the final hours, suggesting a potential near-term support cluster in that range. A break below $9.2e-06 could trigger a deeper pullback toward the next Fibonacci level.

The market appears poised for a short-term rebound from current oversold conditions, but bearish momentum remains intact. A break below $9.2e-06 could test the next level of support, while a reversal above $9.45e-06 would signal a potential resumption of bullish momentum. Investors should closely monitor volume dynamics and key Fibonacci levels in the next 24 hours.

Backtest Hypothesis
The described strategy focuses on entries at Fibonacci 61.8% retracement levels when RSI is in oversold territory and volume is increasing. A backtest would likely show positive results in this scenario, given the combination of technical signals aligning in favor of a potential bounce. However, the bearish engulfing pattern and declining trend suggest that a short-term trade may carry higher risk than a longer-term position if a reversal is confirmed above the 61.8% level. This approach could be effective as a mean-reversion trade within a larger bearish trend.