Market Overview for Wormhole/Bitcoin (WBTC) – 24-Hour Analysis as of 2025-10-10

• • •

• WBTC declines 8.3% over the past 24 hours, closing below key support at 9.1e-07.
• Volume spikes at 6.15e+04 BTC during late-night liquidation, indicating strong selling pressure.
• RSI hits 30, suggesting short-term oversold conditions amid a bearish momentum phase.
• Bollinger Bands narrow mid-day, then expand with a sharp selloff in the final 4 hours.
• Candlestick patterns confirm bearish bias, with engulfing and rejection signs from key levels.

Wormhole/Bitcoin (WBTC) opened at 9.1e-07 on 2025-10-09 at 12:00 ET and closed at 8.9e-07 on 2025-10-10 at 12:00 ET. The pair reached a high of 9.3e-07 and a low of 8.4e-07, marking a 9.7% drop over the past 24 hours. Total volume was 230,432.7 WBTC, while notional turnover reached approximately $176,675, calculated at an average price of $0.000767.

Structure & Formations

The past 24 hours showed a clear bearish bias, with multiple rejection patterns forming at key psychological levels. A notable bearish engulfing pattern appeared at 9.3e-07, followed by a shooting star at 9.2e-07. These formations indicate strong short-term bearish momentum. The most critical support level appears at 9.1e-07, which was breached during the final hours, leading to a breakdown into the next level at 8.8e-07. A doji formed near this level, suggesting potential short-term stabilization or consolidation ahead.

Moving Averages

On the 15-minute chart, the 20-period moving average (20SMA) sits at 9.1e-07, while the 50SMA has fallen to 9.0e-07, both confirming the bearish bias. On the daily timeframe, the 50D, 100D, and 200D SMAs have all trended lower, with the price now trading well below all three. This suggests a continuation of a medium-term downtrend, and the 50D SMA at 9.2e-07 now acts as a strong overhead resistance.

MACD & RSI

MACD lines have turned negative and remain bearish, with a strong bearish crossover forming in the late night session. The MACD histogram has also turned increasingly negative, signaling growing bearish momentum. The RSI is currently at 30, indicating an oversold condition. However, it’s important to note that in a strong downtrend, RSI can remain in oversold territory for extended periods. A rebound above 50 would be a critical sign of potential countertrend strength, but it remains unlikely in the short term.

Bollinger Bands

Bollinger Bands show a period of contraction during the middle of the 24-hour period, particularly between 00:00 and 02:00 ET, followed by a sharp expansion after 05:00 ET. The price fell below the lower band at 8.8e-07, confirming a breakout to the downside. This suggests increased volatility and a likely continuation of the current trend unless a strong bullish catalyst emerges.

Volume & Turnover

Volume spiked dramatically at 9.15 ET, with over 66,717.7 WBTC traded at 8.6e-07, marking the largest single-volume candle of the 24-hour period. This coincided with a sharp drop in price. Notional turnover spiked to $51,145 during this period, indicating high activity from large liquidations or stop-loss triggers. A divergence between rising price and falling volume was not observed, as the volume increase confirmed the bearish price movement.

Fibonacci Retracements

Applying Fibonacci retracement levels to the most recent 15-minute swing from 9.3e-07 to 8.4e-07, the 38.2% level is at 8.94e-07, and the 61.8% level is at 8.7e-07. The current price is hovering near the 61.8% retracement level, indicating a potential area of support or consolidation. A break below this could signal a retest of the 8.4e-07 low.

Backtest Hypothesis

The backtesting strategy described focuses on identifying bearish engulfing patterns near key moving averages and confirming them with MACD divergence and RSI oversold conditions. Given the recent price action in WBTC, a hypothetical trade would have triggered at the 9.3e-07 level with a stop above 9.4e-07 and a target at 8.8e-07, which was indeed the observed outcome. The volume spike at the 8.6e-07 level also aligns with the strategy’s emphasis on high-liquidity areas for exits or reversals. This 24-hour window thus provides a real-world example of the strategy’s potential efficacy in a bearish environment.