Market Overview: Bitcoin/Tether (BTCUSDT) – 24-Hour Technical Update

• Bitcoin/Tether (BTCUSDT) traded in a 24-hour range of $111,632–$113,548, closing near the lower half of the range.
• A bearish reversal is suggested by a 217-point bearish engulfing pattern at the top of the $113,440–$113,483 range.
• Volatility spiked above $113,000, with a high notional turnover of $389.37 million on a bullish breakout.
• RSI remains in overbought territory, indicating potential for consolidation or a pullback.
• A key support at $112,000 is under test with mixed candlestick signals at 03:45 ET.

24-Hour Price Summary

Bitcoin/Tether (BTCUSDT) opened at $111,679.34 on October 14 at 12:00 ET and traded as high as $113,548 before closing at $111,838 at 12:00 ET October 15. The 24-hour trading range was $111,632 to $113,548. Total trading volume was 23,357.8 BTC with notional turnover of $2,644.6 million.

Structure & Formations

The chart shows a distinct bearish reversal pattern at the top of the $113,300–$113,480 range, with a bearish engulfing candle on the 15-minute chart. Key support levels include $112,600 and $112,000, both of which have seen strong buying pressure. A doji at $112,874.97 on the 19:45 ET candle indicates indecision following a bullish breakout.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs show a bearish crossover above $113,200, suggesting short-term downward momentum. On the daily chart, the 200-period SMA is at $111,500, and the price has yet to close above it, indicating a long-term bearish bias.

MACD & RSI

The MACD has been in a bearish crossover for the last two hours, reinforcing the bearish momentum. RSI remains elevated at 72, suggesting overbought conditions and increasing the likelihood of a short-term pullback. However, RSI hasn't breached overbought levels yet, indicating sustained demand for BTC at current levels.

Bollinger Bands

Volatility has expanded at $113,000, with prices frequently testing the upper band. At 04:00 ET, BTCUSDT closed near the lower band at $111,838, signaling potential exhaustion of the downward move. A close above the upper band would indicate renewed bullish momentum, though this appears unlikely at current levels.

Volume & Turnover

Volume spiked at $113,450 with a $389.37 million notional turnover on a bullish breakout. Subsequent bearish volume at $112,104.75 was lower, indicating weaker conviction. The latest hour shows mixed volume distribution, with a bearish candle at $111,838 and below-average volume, suggesting indecision among market participants.

Fibonacci Retracements

Fibonacci levels suggest potential support at $112,800 (38.2%) and $112,000 (61.8%). A break below $112,000 could target $111,500 next. On the 15-minute chart, the 61.8% retracement at $112,800 was briefly tested but not decisively broken, indicating temporary support.

Backtest Hypothesis

The backtest strategy aimed to utilize the identified technical signals—particularly the bearish engulfing pattern, MACD crossover, and RSI overbought condition—to simulate a sell or short entry at the peak of the $113,300–$113,480 range. However, the backtest engine encountered an internal error due to a mismatch in the ticker symbol. The requested ticker symbol BTCUSDT is not recognized in the engine’s database. A corrected ticker—such as BTCUSDT.UDC, BINANCE:BTCUSDT, or another exchange-specific symbol—must be used for the engine to locate the relevant price data. Once the correct symbol is confirmed, the backtest can proceed. Based on current price action, a sell or short strategy at $113,480 with a stop loss above $113,600 and a target at $112,500 appears reasonable, aligning with the bearish bias from technical indicators.