Market Overview: EigenLayer/Bitcoin (EIGENBTC) — 24-Hour Analysis

• Price declined 9.19% from $0.00000932 to $0.00000877
• Momentum weakened with RSI hovering near oversold levels
• Volatility expanded mid-day before retreating on fading volume
• Key support tested at $0.00000891, holding into close
• Turnover spiked to $95.2k at peak before tapering off

The EIGENBTC pair opened at $0.00000932 on 2025-10-29 at 12:00 ET, reached a high of $0.00000997 by early overnight hours, and closed at $0.00000877 on 2025-10-30 at 12:00 ET. The 24-hour trading volume totaled 91,747.78 units, with a notional turnover of approximately $807.79. Price action displayed bearish exhaustion toward the end of the period, marked by large red candles and declining momentum.

Structure & Formations

Price encountered strong resistance between $0.00000961 and $0.00000997 during the overnight hours, capping upside attempts before a sharp correction unfolded after 15:00 ET. A bearish engulfing pattern emerged at $0.00000961, followed by a continuation of selling pressure. A bearish flag pattern developed during the late afternoon session, signaling consolidation ahead of a lower close.

Moving Averages

Short-term averages (20/50-period) remained bearish throughout the session, with price staying below the 50-period line for most of the 24-hour window. On the daily chart, the 50-period MA sits above the 200-period, suggesting a neutral-to-bullish longer-term setup, but this was overshadowed by the recent 15-minute bearish bias.

MACD & RSI

The RSI declined from mid-60s to mid-30s by the close, indicating oversold conditions. A bearish crossover in the MACD line occurred around 04:00 ET, aligning with a significant price reversal. Momentum weakened further in the final hours, with both indicators pointing to limited short-term upside unless a large buy signal emerges.

Bollinger Bands

Volatility expanded significantly after 15:00 ET as the lower band moved down, allowing price to dip near the 891–900 basis points range. By the close, price settled near the lower band, suggesting that a bounce may be due in the near term if volume picks up at these levels.

Volume & Turnover

Trading volume peaked at $95.2k during the overnight session, coinciding with the high of $0.00000997. After this, volume steadily decreased, with a notable divergence between price and turnover in the final 6 hours, as price continued down while turnover waned.

Fibonacci Retracements

Applying retracement levels to the overnight high–low swing (0.0000092 to 0.00000997), price found temporary support at the 61.8% level (~$0.0000096) before breaking through. On the daily chart, the 38.2% retracement (~$0.0000092) appears to have acted as a floor in the closing hours, hinting at a potential bounce zone.

Looking ahead, the path of least resistance appears to be lower, with key support at $0.0000086–0.0000087 under immediate threat. A test of the $0.0000092 level may offer a short-covering opportunity for bulls, but without increased volume and a breakout above $0.0000096, bearish control is likely to persist.

Backtest Hypothesis

Given the bearish momentum and oversold RSI observed in the 24-hour period, a backtest using RSI(14) and MACD could provide insight into the asset’s behavior during overbought/oversold conditions and divergence events. However, the backtest requires a fully supported ticker symbol to proceed, as the current “EIGENBTC” pair is not recognized by our data provider. To proceed, please confirm one of the following:

1. An exact, supported ticker symbol (e.g., “EIGEN-USDT” on Binance or “EIGENBTC” on a specific exchange if available), or
2. A manually uploaded price series in CSV or JSON format, or
3. A preference to backtest on a different, more accessible pair.

Once a valid data source is confirmed, we can automatically calculate RSI and MACD values, identify divergence and overbought/oversold signals, and apply the stop-loss and take-profit rules to evaluate the strategy’s performance from 2022 to the present.