Market Overview: Immutable/Bitcoin (IMXBTC) – 2025-09-26

• Price declined intraday from 6.83e-06 to 6.24e-06, closing near the session low at 6.32e-06.
• Volatility spiked during the overnight session, with a range of 6.24e-06 to 6.56e-06.
• Volume remained concentrated during midday, while turnover spiked in the 20–30 UTC timeframe.
• RSI moved into oversold territory, suggesting a possible near-term rebound, though momentum remains bearish.
• A potential support level is forming near 6.28e-06, with a key resistance at 6.4e-06.

Immutable/Bitcoin (IMXBTC) opened at 6.83e-06 on 2025-09-25 at 12:00 ET, surged to 6.83e-06, and closed at 6.32e-06 on 2025-09-26 at 12:00 ET after a 24-hour session that saw total volume of 190,444.69 and turnover of 115.56 BTC. The pair has shown a bearish trend, with a clear downward bias and increasing pressure below 6.4e-06.

The structure of the 15-minute candles shows a series of bearish engulfing patterns and a long bearish shadow during the overnight session, suggesting exhaustion near 6.56e-06 but renewed selling pressure afterward. Key support levels are now forming at 6.28e-06 and 6.32e-06, with a minor resistance at 6.35e-06. Notable patterns include a morning doji near 6.32e-06, indicating potential indecision ahead of a possible bounce.

20-period and 50-period moving averages are below price, confirming the bearish bias, with the 50-period line at 6.38e-06 acting as a dynamic resistance. The MACD histogram has turned negative, with a bearish crossover in the morning, reinforcing the bearish momentum. RSI has dipped below 30, signaling oversold conditions, but without a strong reversal pattern, this may not guarantee a reversal.

Bollinger Bands are moderately wide, with volatility peaking overnight. Price is now near the lower band, which could serve as a short-term support. Volume remains elevated during key sell-offs, particularly in the 6.4e-06 to 6.3e-06 range, indicating active bearish participation. A divergence between volume and price is not evident, suggesting the trend remains intact for now.

Fibonacci retracement levels for the 15-minute swing from 6.83e-06 to 6.24e-06 indicate a 38.2% level at 6.42e-06 and 61.8% at 6.31e-06. The 61.8% level aligns closely with the 50-period MA and could serve as a key area to watch for a potential bounce or breakdown.

The backtest strategy described builds upon the bearish setup observed in the recent candle patterns and RSI oversold readings. It proposes entering short positions on a breakout below 6.28e-06 with a stop loss at 6.32e-06 and a target at 6.24e-06. This aligns with the technical analysis suggesting that a breakdown below the 6.28e-06 support could trigger a retest of the 6.24e-06 swing low. Traders should monitor volume and price action for confirmation of the breakdown before entering.