Market Overview: Bitcoin/Eurite (BTCEURI) 24-Hour Analysis (2025-10-08)

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• Price surged from 104,038.11 to 105,709.05, forming a bullish continuation pattern in late hours.• 105,500 emerged as a key psychological resistance, with retests expected in the next 24 hours.• Volume spiked in late-night trading, indicating strong accumulation near the 105k level.• RSI overbought at 75 suggests caution, though bullish momentum remains intact.• Bollinger Bands tightened before a breakout, signaling increased volatility.

Price Action and Volume Summary

Over the past 24 hours, Bitcoin/Eurite (BTCEURI) opened at 104,038.11, surged to a high of 106,000.00, and closed at 105,501.00 at 12:00 ET today. The price action was driven by a late-night rally, where it briefly touched 106k before consolidating near 105.5k. Total volume over the 24-hour period was 12.67 BTC, with a notional turnover of ~€1.33 billion, indicating strong accumulation and market participation.

Structure & Formations

The 15-minute chart displayed multiple bullish signs, including a bullish engulfing pattern around 08:30 ET and a strong bullish breakout above a key descending trendline. A doji candle formed near 105,500 at 03:30 ET, suggesting indecision and a potential pause in the uptrend. Key support levels are now at 104,500, 103,850, and 103,400, while resistance lies at 105,709, 106,000, and 106,500. The 105k level appears to act as a short-term pivot.

Moving Averages and Momentum

On the 15-minute chart, the 20SMA and 50SMA crossed into a bullish alignment around 104,700, supporting the continuation of the current trend. On the daily chart, the 50DMA, 100DMA, and 200DMA remain in a bullish arrangement, affirming medium-term strength. The MACD turned positive in the final hours and maintained upward momentum, while the RSI crossed into overbought territory (~75), indicating potential pullback pressure but not a reversal.

Volatility and Fibonacci

The Bollinger Bands contracted around 104,650–104,850 before the price broke out to the upside, suggesting increased volatility and a continuation of the bullish move. On the Fibonacci retracement, the 61.8% level (~105,200) and 78.6% level (~105,700) were tested during the rally, with the 105.7k level holding as a key resistance. The 105.5k close suggests a possible consolidation phase before the next move.

Volume and Turnover Insights

The most significant volume spikes occurred between 02:30–03:00 ET and 08:30–09:00 ET, coinciding with key price breakouts and retests. Notional turnover was particularly high in the 02:30–03:00 session, with ~€450 million in turnover, suggesting strong institutional or algorithmic buying. Price and volume were in alignment during the breakout, with no significant divergence observed.

Backtest Hypothesis

Given the current setup, a potential backtesting strategy could involve a 15-minute breakout above the upper Bollinger Band with a RSI > 60 and a positive MACD crossover. Entries could be triggered upon confirmation of a bullish engulfing candle and a retest of the breakout level. Stops could be placed at the 105,000 pivot or at the nearest Fibonacci support (~105,200). This approach would aim to capture the continuation of a bullish trend while managing risk with well-defined exit levels. A 24-hour trailing stop could be used to lock in profits as the price moves toward 106,000 and beyond.