Market Overview: EigenLayer/Bitcoin (EIGENBTC) – 2025-11-06

• EIGENBTC fell from 7.5e-06 to 7.03e-06, ending at 7.19e-06
• Volatility expanded in the 15-hour period as price dropped by 6.13%
• Volume surged at 07:00–12:00 ET, but waned afterward despite continued price decline
• Momentum diverged after 08:00 ET with RSI hitting 30 and MACD below zero
• A potential support zone formed around 7.05e-06 following a consolidation period

On 2025-11-06, EigenLayer/Bitcoin (EIGENBTC) opened at 7.5e-06 and fluctuated throughout the 24-hour period, reaching a high of 7.54e-06 before settling at a close of 7.19e-06. Total volume stood at 67,149.57 units with a turnover of $0.47 (assuming BTC price context). The pair showed bearish momentum amid declining RSI and negative MACD, indicating a possible continuation of downward pressure.

Structure & Formations

The 15-minute chart displayed a key resistance at 7.5e-06, with several attempts to retest it failing. A bearish engulfing pattern emerged at 22:15 ET, followed by a sharp decline into a potential support zone near 7.05e-06. A bearish reversal at 7.23e-06 confirmed the continuation of downward bias. Price appears to have entered a consolidation phase near 7.19e-06, which may serve as a short-term floor.

Moving Averages

On the 15-minute chart, EIGENBTC has fallen below both the 20-period and 50-period SMAs, signaling bearish momentum. The 20-period SMA crossed under the 50-period SMA in the early hours of November 6, forming a potential death cross. On the daily chart, the 50-period SMA is above the 200-period SMA, suggesting medium-term bearishness.

MACD & RSI

The MACD crossed below zero at 08:00 ET, confirming bearish momentum with negative divergence in the latter half of the day. RSI dropped to 30 by 09:00 ET, indicating oversold conditions, but failed to generate a meaningful bounce. A bearish crossover in the MACD histogram followed, reinforcing the bearish outlook. RSI has remained below 40, showing limited buying pressure.

Bollinger Bands

Volatility increased after 06:00 ET, with the Bollinger Bands expanding as price moved lower. EIGENBTC traded near the lower band at 7.03e-06 before consolidating around the midpoint. The widening bands reflect increased market uncertainty and could precede a breakout or breakdown, depending on volume and order flow in the next 24 hours.

Volume & Turnover

Volume spiked between 07:00–09:00 ET, coinciding with a sharp drop from 7.23e-06 to 7.03e-06. Turnover followed the same trend, with the largest notional trades occurring during the 07:00–07:15 ET window. However, volume waned after 12:00 ET despite continued price depreciation, indicating a potential exhaustion of sellers and a possible consolidation ahead.

Fibonacci Retracements

Applying Fibonacci to the 22:00–07:00 ET decline, EIGENBTC reached the 61.8% retracement level near 7.13e-06 before rebounding slightly. The 38.2% level at 7.21e-06 was tested twice, with the first attempt forming a bearish engulfing pattern. If EIGENBTC breaks below the 7.05e-06 level, the next target could be the 75% retracement at 7.00e-06.

Backtest Hypothesis

A potential backtest strategy would involve identifying and trading key candlestick reversal patterns such as the Bearish Engulfing and Bearish Harami. The EIGENBTC pair exhibited a clear Bearish Engulfing pattern at 22:15 ET, which was followed by a sharp sell-off. If confirmed on a proxy pair or with corrected data, this setup could be used to test for short positions triggered by these patterns with stop-loss and take-profit levels aligned to Fibonacci retracements and Bollinger Band levels.