Market Overview for Bitcoin/Eurite (BTCEURI) on 2025-10-12

• Bitcoin/Eurite (BTCEURI) traded in a 24-hour range of 96,491.95 to 99,224.77, closing below the prior day’s high.
• Volatility spiked with a sharp drop from 98k to 96k in the overnight session.
• RSI signaled oversold conditions mid-day, with a rebound toward overbought late.
• Volume surged during the 15:00–16:00 ET bull move, confirming the breakout.
• Bollinger Bands constricted early, foreshadowing the late-breaking price expansion.

The 24-hour session for Bitcoin/Eurite (BTCEURI) saw the pair open at 98,210.00, hit a high of 99,224.77, dip to a low of 96,491.95, and close at 98,910.62 by 12:00 ET. Total volume traded was 2.25939 BTC, with notional turnover reaching approximately €219,779,298 (assuming average price ~97,300). The session was marked by a sharp bearish move early on, followed by a sustained bullish rebound in the afternoon.

Structure & Formations

Key support levels emerged around 97,000 and 96,500, with 96,500 acting as a critical floor. A bearish engulfing pattern formed at the session’s low, indicating a potential reversal, followed by a strong bullish hammer at 97,683.83. Resistance was noted at 98,482.98 and 98,700.0, with a large bullish harami pattern forming around 98,497.94 and 98,910.62. These formations suggest the price may stabilize in the 98,400–98,900 range unless buyers break above 99,224.77.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs trended lower for most of the session but began to flatten and even cross higher as the price moved upward in the late afternoon. On the daily chart, the 50-period SMA sat just above 97,700, while the 100- and 200-period SMAs were below 96,500. This suggests a potential shift in sentiment from bearish to neutral.

MACD & RSI

The MACD line turned positive in the afternoon session, with a bullish crossover and expanding histogram indicating strengthening momentum. RSI dipped into oversold territory (~30) mid-morning before climbing into overbought territory (>70) by the close. This divergence and re-convergence of momentum indicators point to a potential consolidation phase ahead.

Bollinger Bands

Bollinger Bands showed a clear contraction in the early part of the session, with the price trading within a narrow range between 97,200 and 97,600. This quiet period was followed by a sharp expansion in the afternoon, with price breaking out above the upper band at 98,700 and reaching the session high at 99,224.77. The current price is now hovering just below the upper band, suggesting a potential pullback or a continuation of the bullish move if the upper band holds.

Volume & Turnover

Volume activity spiked during the 15:00–16:00 ET window, with over 1.85 BTC traded as price moved from 97,683.83 to 98,700.0. The notional turnover during this period exceeded €184 million, aligning with the breakout. A divergence in the morning between lower volume and falling prices suggested distribution. However, the afternoon move was supported by high volume and large candle bodies, confirming the bullish break.

Fibonacci Retracements

Applying Fibonacci to the key swing from 98,210.0 to 96,491.95, the 38.2% retracement level (97,480) held briefly before a push to the 61.8% level (~97,850). A subsequent move above 98,482.98 tested the 78.6% level, with a close near 98,910.62 suggesting potential for a retest of the 100% target (~99,130) in the coming 24 hours.

Backtest Hypothesis

The backtesting strategy described involves a mean-reversion approach triggered when RSI dips below 30 and MACD shows a bullish crossover. The signal is confirmed by a candlestick reversal pattern such as a hammer or bullish engulfing, followed by a stop loss at the session low. Given today's action, a buy signal would have triggered mid-morning near 97,000 with a target around 98,482.98. The subsequent rally to 98,910.62 validates the signal’s potential profitability, though the stop loss would have been hit in earlier volatility. This strategy may perform well in range-bound environments but may struggle in sharp trending moves.