Wormhole/Bitcoin Market Overview – 2025-10-07

• • •

• WBTC traded in a tight range with a late surge to $1.18, closing 3.7% higher.
• Volatility expanded in final hours, pushing prices beyond prior 61.8% Fib levels.
• Momentum surged via MACD, while RSI signaled potential overbought conditions near 70.
• Volume spiked sharply during the $1.06–$1.18 rally, confirming bullish continuation.
• No definitive reversal patterns formed, with price remaining above 20-period MA.

Wormhole/Bitcoin (WBTC) opened at $9.8e-06 on 2025-10-06 at 12:00 ET and closed at $1.06e-06 by 2025-10-07 at 12:00 ET, reaching a high of $1.18e-06 and a low of $9.8e-06. The 24-hour period saw total volume of 593,536.5 and turnover of $598.91. Price action reflected a slow consolidation followed by a sharp late rally.

Structure & Formations

Price remained range-bound for most of the day, with a key support level forming around $9.8e-06 and initial resistance near $1.06e-06. A strong bullish breakout above $1.06e-06 in the late hours led to a sharp 1.18e-06 high. No major candlestick reversal patterns (e.g., doji, engulfing) emerged during consolidation, but the final 15-minute candle formed a long upper wick, indicating possible profit-taking or distribution pressure at the peak.

Moving Averages

On the 15-minute chart, the 20-period MA acted as a dynamic support during the initial consolidation phase. Price surged above the 50-period MA just before the breakout, with momentum accelerating rapidly. On the daily chart, the 50-period MA is currently at $1.03e-06, with 200-period at $1.005e-06, suggesting further upside may be supported by medium-term trend.

MACD & RSI

MACD showed a strong positive crossover in the final three hours, with bullish momentum building ahead of the breakout. RSI reached 68–70, suggesting near-overbought conditions, though not yet extreme. This hints that a pullback could be imminent unless volume and price confirm further strength.

Bollinger Bands showed a moderate expansion as price surged to the upper band late in the session. The move above the upper band at $1.18e-06 could be a sign of strong momentum or early overbought pressure.

Volume & Turnover

Volume remained subdued early, with no significant divergence from price. However, the final rally from $1.05e-06 to $1.18e-06 saw a sharp increase in volume, particularly in the last hour, suggesting strong buying interest. The total turnover of $598.91 aligns with the volume spike, indicating a well-supported move higher.

Fibonacci Retracements

Applying Fib to the daily swing from $9.8e-06 to $1.18e-06, key levels were 38.2% at $1.03e-06 and 61.8% at $1.07e-06. Price pushed beyond 61.8% during the final 15-minute candles, which may suggest a continuation or a possible test of 100% at $1.18e-06 or even $1.21e-06 as a target.

Backtest Hypothesis

A potential backtest strategy could involve a breakout of the 61.8% Fib level on strong volume, with a stop-loss placed below $1.05e-06. The rally above $1.06e-06 with increasing volume and MACD crossover offers a high-probability signal for a continuation pattern. Traders may look for a retest of the $1.07e-06 level as a potential entry point, with an initial target at $1.11e-06 and a stop below $1.03e-06.