Market Overview: EigenLayer/Bitcoin (EIGENBTC) on 2025-09-24

• Price declines by ~14% over 24 hours amid declining volume and bearish patterns
• Key support tested at 1.50e-05 with consolidation suggesting potential reversal
• RSI oversold territory signals exhaustion while Bollinger Bands widen
• Turnover drops in early ET morning as price breaks below 1.54e-05
• MACD and RSI divergence hints at possible short-term bounce

EigenLayer/Bitcoin (EIGENBTC) opened at 1.567e-05 on 2025-09-23 at 12:00 ET, peaked at 1.65e-05, and closed at 1.596e-05 on 2025-09-24 at 12:00 ET. Total 24-hour volume was 62,413.08, with total turnover at approximately $9.93 (at $1.60 average price). A steady bearish trend dominated much of the session, with a brief late-day rebound failing to restore bullish momentum.

Structure & Formations

Price action formed a bearish trendline from 1.65e-05 to 1.503e-05, with a critical support level at 1.503e-05 and a shallow recovery into the session close. A long-legged doji at 1.503e-05 suggested indecision, while a bearish engulfing pattern confirmed the breakdown below 1.54e-05. The structure implies that further support is likely at 1.483e-05.

Moving Averages

The 20 and 50-period moving averages on the 15-minute chart both trended lower, confirming the short-term bearish bias. The 200-period moving average on the daily chart remains above current levels, indicating a larger downward leg may still be unfolding. The price remains below all key moving averages, reinforcing the bearish stance.

MACD & RSI

The 12/26 MACD line remained negative throughout the session, with a bearish crossover in the early morning hours. RSI dipped into oversold territory at 28 and rebounded slightly but remains below 40, suggesting limited bearish momentum could persist. Divergence between RSI and price in the final hours hinted at a potential near-term bounce, but confirmation is pending.

Bollinger Bands

Bollinger Bands widened as volatility increased during the early morning, peaking around 04:15 ET. Price tested the lower band multiple times before stabilizing near the mid-band in the late afternoon. The widening bands suggest increased uncertainty and a period of range trading may follow.

Volume & Turnover

Volume spiked during the morning hours (ET) as price dropped from 1.65e-05 to 1.54e-05, but waned as the session progressed. Turnover dropped below $0.50 in the early hours of 2025-09-24, signaling reduced participation. Divergence between volume and price during the late afternoon rebound suggests a weak bounce rather than a reversal.

Fibonacci Retracements

Fibonacci levels from the high of 1.65e-05 to the low of 1.503e-05 showed a 61.8% retracement at 1.579e-05 and a 38.2% at 1.599e-05. Price briefly tested the 38.2% level during the afternoon and failed to break through, suggesting further consolidation is likely. A test of the 50% level at 1.576e-05 may occur before a potential short-term reversal.

Backtest Hypothesis

A potential backtest strategy involves entering a short position on a bearish engulfing pattern confirmation, with a stop above the 1.618e-05 swing high and a target at the 1.503e-05 support level. This approach leverages the recent trendline and key Fibonacci levels. Given the RSI’s oversold condition, a long position may be considered upon a bullish breakout above 1.60e-05 with volume confirmation. This strategy aligns with the observed bearish momentum and supports a trend-following approach.