Bitcoin/Eurite Market Overview: 24-Hour Analysis as of 2025-11-08

Summary

• Price rose from 87,410 to 89,300.61 before declining to 88,368.79, forming a bullish thrust followed by consolidation.
• Momentum slowed after an early rally, with RSI and MACD divergence suggesting potential exhaustion.
• Volatility peaked at 89,460 before retracting, while volume remained moderate throughout.
• A key 61.8% Fibonacci level at 89,270.0 became a resistance-turned-support pivot in the second half of the day.
• The 20-period moving average on the 15-minute chart acted as a dynamic support during the late-night retracement.

Market Overview

Bitcoin/Eurite (BTCEURI) opened at 87,410 on 2025-11-07 at 12:00 ET and reached an intraday high of 89,460 before closing at 88,368.79 on 2025-11-08 at 12:00 ET. The 24-hour period saw a total volume of 15.42225 BTC traded, with a notional turnover of €1,353,794. The price exhibited a strong early rally, followed by a consolidation and decline, with key levels and patterns emerging for both bullish and bearish traders.

Structure & Formations

The price action revealed a strong bullish thrust in the first half of the 24-hour period, with a peak at 89,460 followed by a sharp decline and consolidation. A bullish engulfing pattern emerged around 2025-11-07 19:30, confirming the upward thrust. A bearish harami formed at 2025-11-08 00:15 as price action reversed from a recent high. Key support levels were identified at 89,270 and 88,690, while resistance remained at 89,460 and 89,812.71. The 61.8% Fibonacci retracement level at 89,270 played a pivotal role in price behavior during the consolidation phase.

Moving Averages

On the 15-minute chart, the 20-period MA (88,640.5) and 50-period MA (88,524.6) crossed in a bullish manner in the early stages of the rally, supporting the upward move. However, by the late-night hours, the 20 MA began to slope downward, crossing beneath the 50 MA, indicating potential bearish momentum. On the daily chart, the 50-period MA (88,400) acted as a baseline, while the 200-period MA (87,800) remained well below, suggesting short-term bullish bias relative to long-term.

MACD & RSI

The MACD histogram showed a positive divergence in the early rally, with a peak at 89,460, followed by a negative divergence during the pullback. The RSI (14-period) reached 73 at the high and then dropped to 56 by close, indicating overbought conditions were corrected. Divergence between RSI and price action in the late-night hours pointed to weakening bullish momentum and potential reversal signals.

Bollinger Bands

Volatility expanded as the price moved from 87,240 to 89,460, reaching a 2.5% band width. By the late-night period, the bands had contracted, with price closing near the lower band at 88,368.79. This suggests a potential bounce off the lower boundary, with a risk of further pullback if the 88,300 level breaks.

Volume & Turnover

Volume surged during the early rally, with a peak at 89,460 (0.40439 BTC). Turnover aligned with these price surges, reinforcing the strength of the move. However, volume dropped significantly after 2025-11-08 00:45, coinciding with the decline in price, suggesting a lack of follow-through from buyers. The volume profile showed no significant divergence between price and volume during the decline, implying a broad sell-off rather than a forced liquidation.

Fibonacci Retracements

Applying Fibonacci retracements to the 87,240–89,460 swing, the 61.8% level at 89,270 became a key pivot point. Price tested this level twice, with the second touch showing a bullish response. The 50% level at 88,350 closely aligned with the closing price at 88,368.79, suggesting a possible consolidation point. The 38.2% level at 88,690 held during the pullback, acting as a temporary support.

Backtest Hypothesis

A backtest strategy using the Bullish Engulfing candlestick pattern could have entered a long position at 2025-11-07 19:30, as the pattern emerged following a key breakout. However, due to a data-retrieval service error, the full list of signal dates for this pattern is unavailable. Possible next steps include:- Retry the data pull to resolve the internal error.- Shorten the data range for a test run (e.g., 2023-01-01 to 2025-11-08).- Manually input the Bullish Engulfing dates if available from another source.- Wait for the data provider to resolve the issue before re-querying.

The potential for a successful backtest exists if the pattern is confirmed with strong volume and RSI divergence. If the pattern is followed by a 5% price move within 5 days, it could validate the strategy. However, false signals or premature entries near Fibonacci levels may increase risk, particularly in a volatile asset like Bitcoin/Eurite.