BTCUSDT Market Overview for 2025-08-28

• • •

• Price Action: BTCUSDT surged to a high of $113,340.01 and closed at $112,909.17, showing a bullish recovery after a midday pullback.
• Volume & Momentum: Trading volume reached 10,379.5 BTC and $1.15B in turnover, with momentum shifting post-5:00 AM ET as RSI crossed into overbought territory.
• Key Resistance: $113,340 and $113,200 appear as strong short-term resistance levels, with price failing to close above either.
• Bollinger Bands: Price has remained outside the upper band for much of the session, indicating high volatility and aggressive buying.
• Patterns: A bullish engulfing pattern formed at the 5:00 AM ET print, suggesting a potential reversal from a 24-hour low.

BTCUSDT opened at $111,118.00 at 12:00 ET − 1 and surged to a high of $113,340.01 before closing at $112,909.17 by 12:00 ET. Total volume stood at 10,379.5 BTC, with $1.15B in turnover, showing a sharp increase in liquidity and bullish momentum.

Structure & Formations

The 24-hour session featured a strong bullish reversal from a low at $111,118.00 to a high of $113,340.01, forming a key bullish engulfing pattern around the 5:00 AM ET print. The pattern, with a low at $111,118 and a close above the previous candle’s high, suggests strong buying pressure. Doji were visible in the 9:00–10:00 AM ET range, indicating indecision following the break of key resistance.

Key support levels at $112,500 and $111,900 were tested but held well, with the price bouncing off the $111,118.00 level. Resistance levels at $113,340.01, $113,200, and $113,000 remain critical for the next 24 hours.

Moving Averages

On the 15-minute chart, BTCUSDT is above both the 20-period and 50-period moving averages, with the 20 EMA crossing above the 50 EMA in the morning hours—a bullish crossover. On the daily chart, price remains above the 200 SMA but below the 50 and 100 SMAs, indicating a mixed medium-term outlook with a potential for consolidation if price remains below the 50 SMA.

MACD & RSI

The MACD crossed into bullish territory at around 5:30 AM ET and remained above the zero line throughout the session, indicating strong momentum. The histogram showed positive divergence as price moved higher, confirming strength.

The RSI reached overbought levels around 6:00–7:00 AM ET and remained elevated for most of the session, signaling potential for a pullback. However, the RSI did not show signs of divergence from price, suggesting the bullish move could continue for another day.

Bollinger Bands

BTCUSDT spent a significant portion of the session outside the upper Bollinger Band, indicating heightened volatility and aggressive buying. The band width widened following the morning breakout, reinforcing the strength of the move. As of the close, the price was just inside the upper band, suggesting the volatility remains high but is starting to contract.

Volume & Turnover

Trading volume spiked to a 24-hour peak of 546.29 BTC during the 2:00–3:00 PM ET period, coinciding with a sharp pullback from the $113,340.01 high to $112,828.61. The increase in volume during this move confirms the strength of the pullback and suggests a potential consolidation phase.

Notional turnover exceeded $1.15B, with the largest single 15-minute turnover spike at $73.7M during the 2:00–3:00 PM ET print. Price and turnover moved in line, supporting the authenticity of the trend and reducing the risk of a washout.

Fibonacci Retracements

Fibonacci levels from the recent 15-minute swing between $111,118.00 and $113,340.01 show key retracement levels at $112,229 (38.2%) and $111,739 (61.8%). The price bounced off the 61.8% level during the morning hours, indicating strong support. On the daily chart, a retest of the 61.8% retracement from the $113,340 high may occur around the $112,300 level.

Backtest Hypothesis

A backtest strategy could target the bullish engulfing pattern observed at 5:00 AM ET with a stop-loss just below the pattern’s low at $111,118.00 and a take-profit at the next key resistance at $113,200 or $113,340.01. Given the MACD and RSI confirmation, and the volume spike during the consolidation, this pattern may offer a high-probability trade for the next 24 hours.

Looking ahead, BTCUSDT appears poised to test key resistance levels at $113,340.01 and $113,200. A close above these levels could trigger a new wave of buying, but caution is warranted as overbought RSI and recent volume divergence suggest the move may pause for consolidation.