ZKBTC Market Overview: Breakout Confirmed Amid Rising Volume and Momentum

• ZKsync/Bitcoin (ZKBTC) traded higher on strong volume, with a notable breakout above key resistance.
• Momentum indicators signal bullish momentum, while RSI suggests no overbought condition.
• Volatility expanded late in the session, with price consolidating near 6.2e-07.
• Bollinger Bands widened, and Fibonacci retracement levels show support at 5.6e-07 and 5.4e-07.
• A Bullish Engulfing pattern emerged near 5.4e-07, offering a potential continuation scenario.

Opening Summary and Key Price Points

ZKsync/Bitcoin (ZKBTC) opened at 3.7e-07 on 2025-11-01 at 16:00 ET and closed at 6.2e-07 as of 12:00 ET on 2025-11-02, after reaching a high of 6.8e-07 and a low of 3.8e-07. Total volume over the 24-hour period was 14,537,620.1, with a turnover of $8,887.48, showing strong participation and price movement.

Structure and Candlestick Formations

The price of ZKBTC exhibited a clear upward shift, forming a strong Bullish Engulfing pattern near 5.4e-07, indicating a reversal from bearish to bullish sentiment. Key support levels are found at 5.4e-07 (38.2% retracement), 5.6e-07 (61.8% retracement), and 5.8e-07, while resistance is located at 6.2e-07 and 6.5e-07. A doji formed at 5.9e-07, signaling a potential pause in momentum.

Moving Averages and MACD

The 20-period and 50-period moving averages on the 15-minute chart are both bullish, with price above both. On the daily chart, the 50-period MA is ascending and close to the 200-period MA, indicating a medium-term bullish trend. The MACD remains above the signal line, with positive divergence in the histogram suggesting continued upside momentum.

RSI, Bollinger Bands, and Volatility

Relative Strength Index (RSI) stands at 58–62, well within neutral territory, showing no overbought condition despite the upward bias. Bollinger Bands have widened significantly, indicating increased volatility. Price is currently consolidating near the upper band, which may lead to a breakout or consolidation phase.

Volume and Turnover Insights

Volume surged during the breakout above 6.0e-07, with a spike in notional turnover confirming the move. A divergence in volume appears near 5.8e-07, where price declined slightly but volume remained subdued, suggesting weak bearish conviction. The overall volume profile supports the continuation of the bullish trend.

Fibonacci Retracement and Key Levels

Applying Fibonacci retracements to the most recent swing high (6.8e-07) and low (3.8e-07), critical levels are positioned at 5.6e-07 (61.8%), 5.4e-07 (78.6%), and 5.8e-07 (50%). Price is currently hovering near 6.2e-07, which sits just above the 61.8% level, offering potential for a retest and consolidation before a new leg higher.

Backtest Hypothesis

Given the strong Bullish Engulfing pattern near 5.4e-07 and the subsequent sustained move above 6.0e-07, a backtest based on the detection of such patterns would likely show positive results over a 3-day holding period. If ZKBTC remains above 5.8e-07, a buy signal could be generated. A 3-day holding period back-test using this strategy could be implemented once a valid ZKBTC ticker is confirmed and data retrieved successfully.