Market Overview for EigenLayer/Bitcoin (EIGENBTC)

• Price declined 2.4% over 24 hours, closing near intraday lows near 1.263e-05
• Key support tested at 1.26e-05–1.248e-05, with a bearish breakout below 1.258e-05
• Volume surged in the early hours, confirming bearish momentum
• RSI and MACD both show bearish momentum, suggesting further downside
• Bollinger Bands expanded after a contraction, indicating heightened volatility

EigenLayer/Bitcoin (EIGENBTC) opened at 1.259e-05 on 2025-09-10 12:00 ET, reached a high of 1.35e-05, and closed at 1.267e-05 on 2025-09-11 12:00 ET, down 2.4% in 24 hours. Total trading volume was 11,737.64, with a turnover of ~1.4936 (EIGENBTC * BTC equivalent).

The candlestick formation over the last 24 hours reveals a strong bearish bias, particularly in the 18:30–20:00 ET timeframe, where price dropped sharply from 1.258e-05 to 1.213e-05. The move was confirmed by volume surges and a breakdown below critical support levels. A large bearish engulfing pattern formed between 19:15–19:30 ET, signaling a probable continuation of the downtrend.

Structure & Formations

Price action displayed several bearish formations throughout the day. A notable bearish engulfing pattern occurred at 19:15–19:30 ET, where the close fell below the prior candle’s open. This was followed by a series of bearish hammers and spinning tops, indicating uncertainty and capitulation. Key support levels at 1.26e-05, 1.258e-05, and 1.248e-05 were all broken, suggesting short-term bearish exhaustion may occur around 1.24e-05–1.233e-05.

Resistance appears clustered around 1.267e-05–1.275e-05, where price bounced twice during the day but failed to break through, signaling a potential ceiling for near-term buyers.

Moving Averages and Momentum

On the 15-minute chart, the 20- and 50-period moving averages crossed below price around 19:30 ET, forming a bearish crossover. The 50-period MA has been trending downward, reinforcing the bearish bias. On the daily chart, the 50-period MA is below the 200-period MA, indicating a longer-term bearish trend.

RSI has remained in oversold territory for most of the past 6 hours, but price has not bounced off these levels, suggesting continued bearish momentum. MACD has remained below the zero line, with bearish divergence forming between the indicator and price action.

Bollinger Bands have recently expanded after a brief contraction around 19:00–20:00 ET, indicating a surge in volatility. Price has spent most of the session near the lower band, suggesting potential for further downside or a short-term pullback toward the mean.

Volume & Turnover

Volume spiked to over 1,800 units during the 20:45–21:00 ET timeframe, coinciding with a sharp price drop from 1.228e-05 to 1.213e-05. This confirms the bearish breakout and breakdown of key support levels. Turnover also increased during this period, suggesting liquidation by larger holders.

Price / turnover divergence was observed in the 21:30–22:00 ET window, where turnover declined despite continued bearish price movement. This could indicate a potential pause or reversal in the near term.

Fibonacci Retracements

Key Fibonacci levels were derived from the 19:15–19:30 ET swing high (1.246e-05) to the 20:45 ET swing low (1.213e-05). The 38.2% retracement level is at 1.230e-05, and the 61.8% level is at 1.242e-05. Price appears to have found initial resistance at the 38.2% level before resuming the downtrend, suggesting further testing of the 1.233e-05–1.24e-05 range could occur in the next 24 hours.

Backtest Hypothesis

Given the bearish setup—confirmed by the bearish engulfing pattern, RSI oversold conditions, and volume expansion—it would be reasonable to backtest a short-entry strategy with a stop-loss above the 1.267e-05 resistance level and a target aligned with the 1.233e-05–1.24e-05 support zone. A trailing stop could be used to capture potential pullbacks during the next 24 hours, especially given the RSI’s oversold condition.