Market Overview for Immutable/Bitcoin (IMXBTC) 2025-10-03

• Price surged 21.8% on strong volume in late NY session before consolidating near highs
• Key resistance at 6.04e-06 tested twice, with 21.8% rally from prior support at 5.83e-06
• MACD shows bullish divergence, RSI overbought near 75 as 24-hour high of 6.16e-06
• Volatility expanded with Bollinger Bands widening 25% as price traded in upper band
• Final 30 minutes saw 17,165 contracts traded at 6.16e-06, confirming near-term bullish bias

The Immutable/Bitcoin (IMXBTC) pair opened at 5.83e-06 on 2025-10-02 12:00 ET and closed at 6.14e-06 on 2025-10-03 12:00 ET, reaching a high of 6.16e-06 and a low of 5.83e-06. Total traded volume was 142,538.08 contracts with a notional turnover of $0.859 million during the 24-hour window. Price formed an ascending wedge pattern with a breakout above the upper boundary at 6.04e-06.

Price found strong support at 5.83e-06, which held twice before breaking higher. A bullish engulfing pattern formed at 5.93e-06, followed by a continuation above 6.04e-06 resistance. Price is now testing the upper Bollinger Band at 6.16e-06, suggesting increased volatility. The 20-period SMA was at 5.95e-06, with price above the 50-period SMA at 5.91e-06, indicating medium-term bullish momentum.

MACD (12,26,9) turned positive with a histogram divergence showing growing bullish momentum, while RSI (14) reached overbought territory at 75, suggesting potential for consolidation or a pullback. The 50/200-day moving average crossover is not currently in effect, but price remains above the 200-day MA at 5.89e-06, maintaining an overall bullish bias. Fibonacci retracement levels suggest 6.16e-06 is a key 61.8% level from the 5.83e-06 to 6.16e-06 swing.

Looking ahead, a break above 6.16e-06 could target the next Fibonacci level at 6.27e-06, while a retest of the 5.93e-06 support zone would confirm the pattern's validity. Traders should remain cautious about potential overbought conditions in RSI and watch for any divergence signs in MACD that might precede a correction.

Backtest Hypothesis
A potential backtest strategy for IMXBTC could focus on breakout trades at key Fibonacci and Bollinger Band levels, entering long on a close above 6.16e-06 with a stop below 6.04e-06. This would align with the current bullish momentum and ascending wedge pattern. A trailing stop could follow the 20-period SMA as price extends higher, while RSI overbought signals might be used to tighten stops or partially exit. The strategy would need to account for volatility by adjusting position size according to Bollinger Band width. Historical testing could confirm the robustness of such an approach.