Market Overview for Scroll/Bitcoin (SCRBTC) on 2025-09-23

• Scroll/Bitcoin (SCRBTC) traded in a 24-hour range of $2.41e-6 to $2.50e-6, closing near intraday high with increased volume.
• The price formed a bullish engulfing pattern late in the session, signaling potential short-term strength.
• Notable volume spikes occurred at key resistance levels, confirming price action and bullish momentum.
• MACD and RSI show overbought conditions, suggesting a potential pullback or consolidation ahead.
• Bollinger Bands are narrowing, indicating a possible breakout or breakdown in near-term volatility.

At 12:00 ET on September 23, 2025, SCRBTC opened at $2.43e-6, reached a high of $2.50e-6, and closed at $2.49e-6 with a low of $2.41e-06. Total 24-hour volume was 29,323.9 units, with a notional turnover of $72.30. The market displayed a clear upward tilt, supported by volume and pattern formations, but signs of overbought momentum suggest near-term caution.

Structure & Formations

The 24-hour candlestick pattern for SCRBTC showed a strong bullish tilt, with a notable bullish engulfing pattern forming near the end of the session. This pattern appears after a period of consolidation and could indicate a short-term reversal in bearish sentiment. Key support levels are identified at $2.42e-6 and $2.40e-6, while recent resistance is at $2.48e-6 and $2.50e-6. A doji formed around $2.47e-6 earlier in the session, signaling indecision and potential consolidation before the next directional move.

Moving Averages

On the 15-minute chart, SCRBTC closed above its 20-period and 50-period moving averages, reinforcing the bullish bias. The 50-period line is at $2.45e-6, and the 20-period line is at $2.46e-6. This suggests that short-term momentum remains on the buy side. On a longer time frame, the 50, 100, and 200-period moving averages align closely around $2.44e-6, suggesting limited directional bias but potential for a breakout on the upside.

MACD & RSI

The MACD for SCRBTC has crossed above its signal line and remains in positive territory, indicating bullish momentum. The histogram is expanding, showing increasing bullish strength. Meanwhile, the RSI has moved into overbought territory, currently at 73, signaling a potential pullback or consolidation phase. However, as long as RSI stays above 50 and MACD remains positive, the bullish case remains intact.

Bollinger Bands

Volatility in SCRBTC appears to be contracting, with the Bollinger Bands narrowing in the last 4 hours of the session. The price has spent most of the 24-hour period inside the bands and touched the upper band multiple times near key resistance levels. This narrowing suggests that a breakout may be imminent, though the direction is not yet clear. Given the recent bullish pattern, a breakout to the upside appears more probable.

Volume & Turnover

Volume increased significantly at key resistance levels, particularly around $2.45e-6 and $2.48e-6, confirming the price action and bullish bias. The total notional turnover also rose in tandem with the price movement, indicating strong participation and alignment between volume and price. No significant divergences were observed, suggesting that the current trend has broad market support.

Fibonacci Retracements

Recent swings on the 15-minute chart for SCRBTC align with Fibonacci retracement levels. The price found support at 38.2% retracement of the $2.41e-6 to $2.50e-6 range and tested the 61.8% retracement before pushing higher. These levels have acted as dynamic support/resistance and may continue to influence short-term price action. A break above $2.50e-6 could target the 78.6% retracement at $2.52e-6, but this would require confirmation from volume and momentum indicators.

Backtest Hypothesis

A potential backtest strategy for SCRBTC could involve entering a long position upon confirmation of a bullish engulfing pattern, specifically when it closes above a key resistance level such as $2.48e-6. Stop-loss could be placed just below the 38.2% Fibonacci retracement at $2.45e-6, with a take-profit target at the 78.6% retracement at $2.52e-6. This setup would aim to capture momentum-driven breakouts, supported by volume and MACD divergence. A 15-minute timeframe and RSI confirmation above 50 could act as filters to refine entry timing.