Market Overview: Altlayer/Bitcoin (ALTBTC) 24-Hour Analysis

Summary
• Price remained flat near 1.6e-07 to 1.7e-07 with no significant directional movement.
• Volume was largely inactive for most of the period, with a sharp spike near 11:45 ET.
• Momentum indicators suggest minimal overbought or oversold conditions due to low volatility.

At 12:00 ET-1 on 2025-11-09, Altlayer/Bitcoin (ALTBTC) opened at 1.7e-07, hitting a 24-hour high of 1.7e-07 and a low of 1.6e-07 before closing at 1.7e-07 at 12:00 ET. Total volume across the 24-hour period was 1,559,452.0, with total turnover amounting to 0.0266. The pair exhibited minimal price movement, with candlesticks forming a tight consolidation pattern.

Structure & Formations

The price of ALTBTC remained confined between the key support level of 1.6e-07 and resistance at 1.7e-07 for the majority of the session. A small breakout attempt occurred around 11:45 ET, marked by a candlestick that gapped upward from 1.6e-07 to 1.7e-07. However, the formation lacked confirmation from follow-through volume or price action. This suggests the market remains in a period of indecision, with neither buyers nor sellers gaining control.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages closely aligned with the price, reinforcing the sideways consolidation. The daily chart showed the 50, 100, and 200-period SMAs overlapping at approximately 1.67e-07, indicating a lack of clear trend direction. The price remained within the range of the moving averages, consistent with a neutral bias.

MACD & RSI

The 14-period RSI oscillated narrowly between 49 and 51, reflecting equilibrium between buying and selling pressure. MACD lines showed no distinct divergence or convergence, reinforcing the view of low momentum. Both indicators suggest a continuation of the current flat phase unless a clear breakout occurs.

Bollinger Bands

The price hovered near the middle band of the Bollinger Bands, indicating low volatility. The bands themselves were relatively narrow, a sign of potential consolidation. Traders should watch for any sharp expansion in the bands as a possible precursor to a breakout.

Volume & Turnover

Trading activity was sparse for most of the 24-hour period, with volume remaining at zero in many 15-minute intervals. A notable exception was a large volume spike of 1,390,289.0 at 11:45 ET, coinciding with a price jump from 1.6e-07 to 1.7e-07. Despite the move, the price did not close above the prior highs, and follow-through volume was weak. This divergence suggests the breakout attempt lacked conviction.

Fibonacci Retracements

Fibonacci retracement levels drawn from the recent 15-minute swing showed the 38.2% and 61.8% levels at 1.656e-07 and 1.693e-07, respectively. The price approached the 61.8% level at 1.7e-07 but failed to close beyond it. Daily Fibonacci levels showed similar neutrality, with the price failing to test any key retracement levels with conviction.

Backtest Hypothesis

The backtesting strategy under consideration involves using the RSI-14 as a momentum filter to determine entry and exit signals. However, an initial attempt to retrieve RSI-14 data for a different asset, "HOLD.P," encountered an error: "get_asset_base_info …". This suggests the platform does not support HOLD.P or the symbol may be misnamed (e.g., "HOLD", "HOLDP", or another variant). Moving forward, clarification is needed on the correct symbol or an alternative asset that is more widely covered. Additionally, the thresholds for RSI—30 for oversold (buy signal) and 70 for overbought (sell signal)—can be adjusted if necessary. Once the correct data is confirmed, the backtest can proceed, allowing for a more concrete assessment of the strategy’s historical performance.