Market Overview for Horizen/Bitcoin (ZENBTC) – 2025-11-08

Summary
• ZENBTC opened at 0.00019518 and closed at 0.0001431.
• Price declined over 25% with a 24-hour high of 0.0001998 and low of 0.00013926.
• Volume surged to 92,722.2 units, with turnover reaching $15,486.67 based on mid-range ZENBTC prices.

Horizen/Bitcoin (ZENBTC) opened at 0.00019518 on 2025-11-07 at 12:00 ET, touched a high of 0.0001998, a low of 0.00013926, and closed at 0.0001431 on 2025-11-08 at 12:00 ET. The 24-hour volume was approximately 92,722.2 ZEN, with estimated notional turnover of roughly $15,486.67. The pair is in a bearish trend, with price falling below key support levels.

Structure & Formations

ZENBTC has shown a prolonged bearish bias, with price failing to hold above 0.000185 on multiple occasions. A notable bearish engulfing pattern appears around the 0.0001998 high, confirming a reversal from overbought territory. Key support levels are forming around 0.000143 and 0.000139, both of which have been tested and respected in the last 24 hours.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs are significantly above price, reinforcing the short-term bearish momentum. On a daily basis, the 50/100/200 SMA cluster is well above current levels, indicating a strong downtrend. Price is below all major moving averages, suggesting further consolidation below 0.000143 may be likely.

MACD & RSI

The MACD remains in negative territory, with a bearish crossover between the signal and MACD lines. RSI has fallen below 30 for much of the period, indicating oversold conditions, though it remains in a downtrend without showing signs of a reversal. This suggests the market is bearish and could remain so unless a large bullish volume spike or divergence appears.

Bollinger Bands

Price has remained near the lower Bollinger Band for most of the 24-hour period, indicating low volatility and continued bearish pressure. The band width has widened in the latter half of the period, suggesting a potential reversal or consolidation phase could be ahead, though the trend remains intact.

Volume & Turnover

Volume spiked significantly during the 05:00–07:00 ET window, coinciding with the largest price drop to below 0.000155. Turnover also spiked during that window, confirming bearish conviction. There is no clear divergence between price and volume, indicating the bearish momentum is supported by strong selling pressure.

Fibonacci Retracements

Applying Fibonacci to the 15-minute swing high at 0.0001998 and the low at 0.00013926, the 61.8% retracement level is at around 0.000163, which has acted as a resistance. The 38.2% level at 0.000172 has also been a key area where the price has stalled multiple times, suggesting it could become a potential pivot point for short-term traders.

Backtest Hypothesis

Given the bearish momentum and confirmed oversold RSI levels, a potential backtest could be constructed based on entering short positions when RSI falls below 30 and closing at the next day’s close. While the RSI has spent considerable time in oversold territory, a reversal signal (e.g., RSI divergence or bullish engulfing candle) is required to suggest a potential rebound. This could form the basis for a backtest using ZENBTC on a specific exchange, such as Binance, using the ticker BINANCE:ZENBTC, with entries and exits based on daily close prices.