Beefy (BIFIUSDT) Market Overview: 24-Hour Analysis

• Beefy (BIFIUSDT) fell 4.7% over 24 hours, closing near key support near $192.50.
• A bearish engulfing pattern formed on the 15-minute chart following a sharp sell-off.
• RSI and MACD indicate oversold conditions, but momentum remains bearish.
• High volatility is evident with a 5.6% range on the 15-minute chart.
• Volume spiked during the morning ET sell-off, confirming bearish sentiment.

Beefy (BIFIUSDT) opened at $197.30 on 2025-08-23 at 12:00 ET, reaching a high of $208.10 and a low of $192.00, closing at $192.50 on 2025-08-24 at 12:00 ET. The 24-hour volume totaled 658.73 BTC with a notional turnover of $124,860.

Structure & Formations

The price action formed a bearish engulfing pattern during the late ET sell-off, confirming downward momentum. Key support is now near $192.50–192.00, with resistance at $195.60 (a prior swing high). A doji formed near $194.50, indicating indecision, while a strong bearish candle at $194.30–192.40 showed increased selling pressure.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs both fell below price during the last 6 hours, reinforcing a bearish bias. Daily SMAs show the price is below both the 50 and 200-day averages, indicating a longer-term bearish trend.

MACD & RSI

The MACD crossed below the signal line and both indicators are trending lower, signaling continued bearish momentum. RSI has entered oversold territory, but the move has not yet triggered a bounce, suggesting the bearish trend could extend further.

Bollinger Bands

Volatility expanded sharply during the morning sell-off, with price falling to the lower band at $192.00. The bands have since widened, indicating increased uncertainty and the potential for another test of the $192.00 level.

Volume & Turnover

Volume surged during the 15-minute candle at 2025-08-24 16:00 ET, confirming the bearish breakout. Turnover increased in line with price action, with no major divergence observed. The morning sell-off was supported by high volume, indicating strong conviction in the downward move.

Fibonacci Retracements

On the 15-minute chart, the $192.50 level corresponds to the 61.8% retracement of the recent bullish swing, making it a critical support zone. A break below this level could see a test of the 78.6% retracement near $190.50, with further confirmation expected from volume and momentum indicators.

The market appears to be consolidating near key support levels, with oversold RSI offering limited near-term upside potential. While a bounce could occur, continued bearish momentum may push price lower. Investors should monitor volume and MACD divergence for signs of a reversal, but be mindful of the risks of a deeper sell-off in the next 24 hours.