Bitcoin/Eurite (BTCEURI) 24-Hour Market Overview

• Price dropped 4.6% in 24 hours, closing at 98029.66 EUR from 102665.82 EUR.
• Volatility expanded during midday sell-off, with a low of 97362.01 EUR.
• RSI dipped into oversold territory, suggesting potential for a near-term rebound.
• Volume spiked during sharp declines but failed to confirm strong bullish momentum.
• Bollinger Bands widened as price tested lower levels, with support at 96700.0 EUR.

Price and Volume Snapshot

Bitcoin/Eurite (BTCEURI) opened at 102665.82 EUR on 2025-10-10 at 12:00 ET, reached a high of 103050.0 EUR and a low of 92700.0 EUR before closing at 98029.66 EUR on 2025-10-11 at 12:00 ET. The 24-hour volume amounted to 59.05 BTC, with a total notional turnover of approximately €6,322,581. The price action reflected a sharp sell-off after 16:00 ET, followed by a consolidation phase into the close.

Structure and Candlestick Patterns

The 15-minute chart revealed a bearish continuation of the downtrend, with key support levels identified at 96700.0 EUR and 95484.13 EUR. A significant bearish engulfing pattern formed around 19:30 ET, as price closed near the session low. A long lower shadow was seen at 03:45 ET, suggesting buyers attempted to push price higher but failed. This pattern, combined with a shrinking candlestick near 97656.42 EUR, hints at a possible short-term reversal, although bearish pressure remains dominant.

Volatility and Moving Averages

Bollinger Bands expanded during the sell-off, with price finding support near the lower band at 96700.0 EUR. The 20-period and 50-period moving averages remained bearish, with the 20-period line crossing below the 50-period line to confirm a short-term bearish trend. On the daily chart, the 50-period moving average stands as a critical resistance at approximately 98200.0 EUR, with price closing just below it.

Momentum and Oscillators

The MACD line crossed below the signal line in the early morning session, confirming bearish momentum. The RSI indicator dropped into oversold territory at 26.8, suggesting price may find temporary support near 97300.0 EUR. However, a rebound could be met with selling pressure if the RSI fails to close above 35. This dynamic suggests that while momentum appears exhausted at current levels, a bounce without a strong RSI confirmation may remain bearish.

Backtest Hypothesis

A potential backtest strategy could involve entering a long position when the 20-period moving average crosses above the 50-period line on the 15-minute chart, provided the RSI is above 40 and volume increases by at least 50% from the average. A stop-loss could be placed below the last swing low, with a take-profit aligned with the nearest Fibonacci retracement level (61.8% of the recent downtrend). This hypothesis would aim to capture momentum shifts during volatile periods and should be tested over historical data to evaluate its efficacy in different market conditions.

Outlook and Risk

Price appears to have found short-term support near 96700.0 EUR but remains under pressure from bearish momentum and key moving averages. A retest of the 95484.13 EUR level could follow if sellers remain in control. Traders should monitor the 50-period MA as a potential trigger for a rebound or a continuation of the downtrend. A break below 96700.0 EUR may signal further weakness, increasing the risk of a test of the 95484.13 EUR level in the next 24 hours.