Market Overview for Bitcoin/Mexican Peso (BTCMXN) on 2025-11-10

Summary
• BTCMXN opened at 1,910,518 MXN and closed at 1,959,136 MXN following volatile 24 hours.
• Price surged to a high of 1,975,499 MXN before retreating, with a 20.3% move from the session low.
• Volume spiked during late hours as price tested resistance levels near 1,950,000 and 1,960,000 MXN.

Opening at 1,910,518 MXN on 2025-11-09 at 17:00 ET, Bitcoin/Mexican Peso (BTCMXN) traded in a wide range, peaking at 1,975,499 MXN and dropping to a low of 1,910,518 MXN. The 24-hour session closed at 1,959,136 MXN on 2025-11-10 at 12:00 ET, with a total volume of 1.277 BTC and notional turnover of approximately 123,185,000 MXN.

Structure & Formations

The session featured several notable candlestick patterns, including a bullish engulfing pattern at the start of the surge (1,930,000–1,950,000 MXN). A key resistance level appears to have formed around 1,950,000 MXN, with the price failing to hold above it multiple times. On the 15-minute chart, a Doji formed near 1,965,000 MXN, suggesting indecision among traders. A major support level is confirmed at 1,930,000 MXN, where buying interest reappeared after multiple pullbacks.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed over mid-session, signaling a short-term bullish bias. The 50-period line held steady above the 20-period, confirming a retesting of key levels. On the daily chart, the 50-period and 200-period lines show a bullish divergence as price moves above both, suggesting a potential continuation of the upward trend.

MACD & RSI

The MACD histogram showed a bullish crossover early in the session and remained positive through most of the 24-hour period. However, the RSI reached overbought territory around 1,965,000 MXN, peaking at 72 before a pullback. This suggests a potential short-term correction ahead. A retest of RSI 50 is expected, with further buying likely if it holds.

Bollinger Bands

Volatility expanded significantly as price moved between 1,910,518 and 1,975,499 MXN. The upper Bollinger Band was briefly tested near 1,970,000 MXN, but the price failed to close above it, indicating a potential ceiling. The lower band held firm near 1,930,000 MXN, supporting the idea of a consolidation phase before the next leg higher.

Volume & Turnover

Trading volume and notional turnover spiked during the late hours of the session, particularly between 00:00 and 04:00 ET, as price moved between 1,960,000 and 1,970,000 MXN. This suggests increased conviction among buyers. However, volume declined during the pullback, indicating waning momentum. A divergence between volume and price movement suggests caution for further upside.

Fibonacci Retracements

Fibonacci levels based on the recent swing low (1,930,000 MXN) and swing high (1,975,499 MXN) indicate key levels at 61.8% (~1,954,000 MXN) and 50% (~1,952,750 MXN). The 38.2% level (~1,950,000 MXN) appears to have acted as both support and resistance. A break above 1,975,499 MXN would open the path to the next Fibonacci level of 1,980,000 MXN.

Backtest Hypothesis

Given the technical setup and identified patterns, a backtesting strategy could focus on validating the predictive power of the Bullish-Engulfing pattern near the 1,930,000 MXN level and whether subsequent entries above key Fibonacci and moving average levels yield consistent returns. The strategy would benefit from accurate BTCMXN price data and FX conversion from MXN to USD to align with global benchmarks, ensuring consistency in trade execution and performance evaluation.