Market Overview for Bitcoin/Zloty (BTCPLN) on 2025-11-07

• BTCPLN declined from a high of 377,708.0 to close at 375,298.0 within 24 hours.
• Key support levels at 372,000 and 370,000 were tested, while 375,000 acts as a minor resistance.
• Volume and turnover remained moderate, but divergences in price and volume suggest cautious bearish momentum.
• RSI moved closer to oversold territory, suggesting potential for a short-term bounce.
• A bullish engulfing pattern near 370,000 could signal a reversal if confirmed by volume.

Bitcoin/Zloty (BTCPLN) opened at 370,422.0 on 2025-11-06 at 12:00 ET and reached a high of 377,708.0 by early morning the next day, before closing at 375,298.0 on 2025-11-07 at 12:00 ET. The total volume across the 24-hour period was 1.61493 BTC, with a notional turnover of approximately 604,792,489.88 PLN.

The 20-period and 50-period moving averages on the 15-minute chart showed a bearish crossover, with the 50-period MA declining and the 20-period MA following suit. On the daily chart, the 50-day MA (approx. 374,000) and 200-day MA (approx. 372,000) formed a descending bias, suggesting bearish dominance. Price tested the 372,000 level twice, with a brief bounce suggesting it may offer support.

Structure & Formations

Notable structures included a potential bullish engulfing pattern near 370,000, but it lacked volume confirmation. A doji at 372,792.0 reflected indecision. Price action appeared to struggle against key resistance levels, suggesting traders may be monitoring the 375,000–376,000 zone for a potential reversal.

MACD & RSI

The 12,26 MACD line showed a bearish divergence, with the histogram contracting toward the zero line, indicating waning bearish momentum. RSI hovered near 30 in the last few hours, suggesting oversold conditions and potential for a short-term bounce.

Bollinger Bands

Bollinger Bands indicated a modest expansion in volatility from midday on 2025-11-06 to early morning on 2025-11-07. Price remained below the lower band for much of the session, reinforcing bearish sentiment. A re-test of the upper band near 376,500 could occur if the RSI bounce materializes.

Volume & Turnover

Volume remained moderate with no extreme spikes, but diverged from the downward price trend, suggesting a potential bearish exhaustion. Turnover aligned with the volume pattern, with a small dip near the 370,000 support zone. This divergence may hint at a short-term consolidation period.

Fibonacci Retracements

Applying Fibonacci retracements to the 377,708.0 high and 370,990.0 low (from 2025-11-06 to 2025-11-07), key levels at 375,000 (61.8%) and 373,000 (38.2%) appear to coincide with recent resistance and support, respectively. Price may test 375,000 again in the next 24 hours.

Backtest Hypothesis

To refine the analysis and validate the pattern-based signals, we could generate a custom backtesting strategy using raw OHLC data. This would involve scanning for Bullish and Bearish Engulfing patterns using daily BTCPLN data from 2022-01-01 onward. By mapping these signals to buy/sell actions, we could evaluate historical performance and assess the viability of using such patterns in a real-time trading framework. This approach would eliminate dependency on external signal sources and provide more accurate and actionable insights tailored to BTCPLN.