Market Overview for EigenLayer/Bitcoin (EIGENBTC): 2025-09-23 12:00 ET

• Price declined from 1.641e-05 to 1.531e-05, forming bearish momentum and a potential breakdown.
• RSI and MACD indicated weakening bullish momentum, with RSI entering oversold territory.
• Volatility expanded in late trading, with a sharp increase in turnover after 14:00 ET.
• Bollinger Bands showed a tight contraction early in the session followed by expansion.
• A doji appeared at 22:45 ET, signaling indecision, and a bullish engulfing pattern was observed at 23:45 ET-1.

Overview and Key Metrics

EigenLayer/Bitcoin (EIGENBTC) opened at 1.624e-05 on 2025-09-22 12:00 ET and closed at 1.531e-05 on 2025-09-23 12:00 ET. The 24-hour high was 1.641e-05 and the low was 1.503e-05. Total volume was 86,276.49, and notional turnover (amount * price) amounted to roughly 1.349 BTC.

Structure & Formations

Price formed a descending channel throughout the session, with key support levels observed at 1.55e-05 and 1.503e-05. A doji at 22:45 ET signaled short-term indecision, while a bullish engulfing pattern at 23:45 ET-1 suggested a temporary reversal attempt. However, this failed to hold, and the price resumed its downward drift. A bearish flag pattern was visible during the morning hours.

Moving Averages

On the 15-minute chart, the price remained below both the 20-period and 50-period SMAs, reinforcing bearish momentum. The 50-period SMA crossed below the 100-period SMA earlier in the day, forming a death cross. The 200-period SMA acted as a psychological floor near 1.55e-05 but failed to provide strong support.

MACD & RSI

MACD lines trended downward, with the histogram showing consistent bearish divergence. RSI dipped below 30, indicating oversold conditions, but failed to generate a strong rebound. This suggests sellers could still have the upper hand. No immediate overbought conditions were seen, but RSI remained in a bearish range.

Bollinger Bands

Volatility appeared to contract in the early part of the session before expanding again during the late hours. The price tested the lower Bollinger Band multiple times, especially after 03:00 ET. A period of consolidation followed, with the price hovering near the middle band. The expansion of bands in the final hours indicated increased uncertainty and potential for a breakout or breakdown.

Volume & Turnover

Volume remained relatively stable in the morning before surging after 14:00 ET, coinciding with a sharp upward move and a high of 1.761e-05. This increase in volume provided some confirmation of the price action. However, the subsequent decline saw a drop in volume, suggesting weak conviction from sellers. The notional turnover also spiked during this time, aligning with the volume.

Fibonacci Retracements

Applying Fibonacci retracements to the most recent 15-minute swing (from 1.641e-05 to 1.503e-05), the key levels were 1.577e-05 (38.2%), 1.545e-05 (50%), and 1.515e-05 (61.8%). The price paused briefly at the 50% and 61.8% levels, but failed to hold there, indicating bearish pressure. On the daily chart, the 61.8% level was near 1.515e-05 and appeared to act as a key support level.

Backtest Hypothesis

A backtesting strategy could focus on identifying bearish engulfing patterns and dojis in the context of a descending channel and oversold RSI conditions. The failure to rebound from the 61.8% Fibonacci level suggests a potential target at the 78.6% level, near 1.475e-05, in the coming days. A reversal setup would require a bullish candle with high volume and a closing price above the 1.54e-05 level to signal a possible recovery attempt.