Market Overview for ZKsync/Bitcoin (ZKBTC): 24-Hour Technical Breakdown

• Price declined from 7.6e-07 to 6.6e-07 over 24 hours.
• Volume surged during a late-night rally attempt but failed to sustain gains.
• Volatility expanded during the session as price tested key Fibonacci levels.

ZKsync/Bitcoin (ZKBTC) opened at 7.6e-07 on 2025-11-05 at 12:00 ET and closed at 6.6e-07 on 2025-11-06 at 12:00 ET, reaching a high of 8.2e-07 and a low of 6.3e-07. Total 24-hour volume amounted to 5,543,679.4, with notional turnover reaching $3,871.34 (using a Bitcoin price proxy).

The session was marked by a sharp bearish trend early on, with price retreating after a short-lived attempt at a rally during the late-night hours. The 20-period and 50-period EMA on the 15-minute chart both trended downward, reinforcing a bearish bias. The 50/200-day MA on the daily chart also suggested a longer-term bear trend, with price well below both indicators.

Structure & Formations

Price formed multiple bearish engulfing patterns and a key doji at 7.2e-07, suggesting indecision and weakening bullish momentum. Key support levels emerged around 6.8e-07 and 6.6e-07, with 6.3e-07 acting as a potential short-term floor. Resistance levels were evident at 7.2e-07 and 7.6e-07, both of which failed to hold during significant volume spikes.

Moving Averages & MACD/RSI

MACD crossed into negative territory during the early part of the session, with a bearish histogram forming throughout. RSI briefly dipped into oversold territory below 30 but remained in bearish momentum, failing to close back above 30. This suggests that the market is in a consolidation phase after the sharp decline, but bears still control the near-term momentum.

Bollinger Bands expanded significantly during the price drop, with price hitting the lower band at multiple points. This indicates a high level of volatility and a potential for a retracement or a continuation of the downward trend.

Volume & Turnover

Volume increased notably during the price drop, especially during the hours of 02:00–06:00 ET, when the price hit its lowest levels. Turnover confirmed the bearish move, showing no divergence with price action. However, late in the session, a spike in volume accompanied a failed rally attempt near 7e-07, signaling a lack of conviction in the upward move.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing (high: 8.2e-07, low: 6.3e-07), the 61.8% retracement level sits at ~7.1e-07 and appears to have acted as resistance. The 38.2% level (~7.6e-07) coincided with earlier resistance, suggesting that further bearish movement could target the 6.3e-07–6.6e-07 range if sellers remain in control.

Backtest Hypothesis

To better understand potential trade setups, we consider an RSI-based strategy. An RSI below 30 would be considered an oversold signal, potentially indicating a short-term buying opportunity. In this case, RSI briefly dipped into oversold levels during the 05:00–07:00 ET period, but the subsequent rally failed to confirm a reversal, with price closing lower. A T+1 strategy (buy on signal, sell after 24 hours) would have generated a modest gain but would have exposed the trader to extended volatility if held beyond the first 24 hours.

Given the current bearish bias and lack of clear reversal signals, an RSI-based strategy would need to be paired with a stop-loss or trailing stop to manage downside risk. Further testing would require a robust dataset of ZKBTC prices or a confirmed alternative ticker for accurate RSI and daily return calculations.