Market Overview for Bitcoin/Tether USDt on 2025-09-06

• BTC/USDT traded in a tight range with a bearish bias in the early part of the session before a late rally.
• Key support at $110,600 held multiple times, while resistance at $110,900 faced repeated rejections.
• A bullish engulfing pattern formed near $110,700, suggesting a potential reversal.
• Volume remained moderate with no significant divergences observed in price or turnover.
• MACD and RSI signaled a mixed momentum picture, with RSI hovering near neutral territory.

BTC/USDT opened at $110,894.00 on 2025-09-05 at 16:00 ET and reached a high of $111,293.24 before closing at $110,867.71 on 2025-09-06 at 12:00 ET. Total volume was approximately 13,073.01 BTC, while the notional turnover stood at approximately $1.44B over the 24-hour window.

Structure & Formations

Price action showed a key consolidation phase between $110,600 and $111,200. A notable bullish engulfing pattern emerged around $110,700, which may signal a short-term reversal. A doji at $110,720.86 suggested indecision among traders, while the $110,600 level acted as strong support. Resistance at $110,900 was tested but not broken, indicating a cautious bearish sentiment in the final hours.

Moving Averages and Volatility

The 15-minute chart showed price hovering below the 20-period and 50-period moving averages, pointing to a short-term bearish bias. Bollinger Bands indicated moderate volatility, with prices fluctuating within the band width, showing no sharp expansion or contraction. On the daily chart, the 50-period MA at $111,000 acted as a resistance level, while the 200-period MA at $110,800 provided a baseline for potential support.

Momentum and Relative Strength

MACD remained in negative territory, with a narrowing histogram showing waning bearish momentum. The RSI oscillated between 45 and 55, suggesting a neutral to slightly bearish bias without entering overbought or oversold territory. A cross near the center of the MACD suggested a possible equilibrium phase, with no clear momentum direction.

Volume and Turnover Analysis

Volume remained generally moderate, with no unusual spikes indicating large orders or wash trades. Turnover mirrored the price action, with higher volumes seen during the late rally from $110,600 to $111,200. Price and turnover remained aligned, with no signs of divergence.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing from $110,600 to $111,293.24 showed strong consolidation around the 61.8% level at $111,050. On the daily chart, a major Fibonacci retracement level at $110,800 coincided with the 200-period MA, acting as a key psychological support.

Backtest Hypothesis

A potential backtesting strategy would involve entering long positions on a bullish engulfing pattern formation near key support levels, confirmed by a MACD crossover above the signal line and RSI rising above 50. A stop-loss could be placed just below the recent swing low, with a target near the 61.8% Fibonacci level. This approach aligns with the observed price behavior and momentum cues identified in the above analysis, suggesting a data-driven and risk-managed strategy.