Market Overview: EIGENBTC Enters Volatile 24-Hour Period Amid Heavy Selling Pressure

Summary
• Price action shows bearish momentum with a 5.5e-06 to 5.22e-06 decline on heavy volume.
• Key support appears at 5.25e-06, tested twice with mixed conviction.
• RSI remains in oversold territory, suggesting potential for a short-term bounce.
• Volume peaks at 1301.40 units during the 3:30 AM ET session.
• Bollinger Band contraction observed during quiet hours before the break.

EigenLayer/Bitcoin (EIGENBTC) opened at 5.5e-06 on 2025-12-08 12:00 ET, reached a high of 5.5e-06, fell to a low of 5.22e-06, and closed at 5.24e-06 at 12:00 ET on 2025-12-09. Total 24-hour volume was 18,184.79, with notional turnover of ~$90.98 (assuming $55,000 BTC).

Structure & Formations

The 24-hour period saw a broad bearish trend, with price testing key Fibonacci levels at 5.25e-06 (38.2%) and 5.23e-06 (61.8%) during the late-night to early-morning session. A bearish engulfing pattern formed at 5.3e-06 during the 00:30 AM ET session, confirming downward bias. A doji formed at 5.25e-06 during the 02:15 AM ET session, suggesting short-term indecision.

Moving Averages

On the 5-minute chart, the 20SMA and 50SMA both trended lower, remaining above the price for much of the session. The daily chart shows the 50DMA at ~5.4e-06, now acting as overhead resistance. Price remains below the 200DMA, reinforcing a longer-term bearish bias.

MACD & RSI

MACD crossed below the signal line during the 1:00 AM ET session, signaling bearish momentum. RSI bottomed near 30 during the 3:30 AM ET session, hinting at a potential short-term rebound. However, RSI failed to follow through above 40, suggesting underlying weakness.

Bollinger Bands

Price remained near the lower Bollinger Band for much of the session, confirming oversold conditions. A brief contraction occurred between 2:00 AM and 3:30 AM ET, followed by a breakout to the downside.

Volume & Turnover

Volume spiked at 1301.40 during the 3:30 AM ET session as price tested 5.22e-06, suggesting increased bearish conviction. Notional turnover remained proportional to price decline, with no clear divergence between the two.

Fibonacci Retracements

Recent 5-minute swings show key retracement levels at 5.25e-06 (38.2%) and 5.23e-06 (61.8%). These levels appear to act as temporary floors, with price bouncing off them multiple times.

EIGENBTC appears to have entered a consolidation phase after the sharp drop below 5.3e-06. A retest of 5.25e-06 could provide insight into short-term resilience. Investors should remain cautious of further downside risk, particularly if RSI fails to close above 40 or volume rises again on the next decline.