Market Overview for EigenLayer/Bitcoin (EIGENBTC) – 2025-10-06 to 2025-10-07

• EigenLayer/Bitcoin (EIGENBTC) declined 6.1% over the last 24 hours, closing at 1.578e-05.
• A bearish breakout below key support at 1.555e-05 accelerated selling in late ET hours.
• Volatility expanded significantly during the 18:00–20:00 ET window, with volume spiking to over 5,309.54.
• RSI reached oversold levels near 28, while MACD turned negative with a bearish crossover.
• Price appears to be consolidating near Fibonacci 61.8% level at 1.56e-05, suggesting potential for a short-term bounce.

The 24-hour candle for EIGENBTC opened at 1.61e-05 on 2025-10-06 at 12:00 ET, peaked at 1.727e-05 during the 16:15 ET session, and closed at 1.578e-05 on 2025-10-07 at 12:00 ET. Total volume reached 98,634.54 with turnover estimated at ~1.57 BTC equivalent. The bearish bias intensified after 18:00 ET, as sellers overwhelmed buyers during a sharp drop from 1.659e-05 to 1.556e-05 within 90 minutes.

Structure & Formations

Price action formed a bearish engulfing pattern around 20:15 ET when it closed at 1.592e-05 after opening at 1.61e-05, confirming a shift in momentum. A key support level at 1.555e-05 held briefly before a breakdown occurred around 02:45 ET. A doji formed at 04:15 ET as buying interest attempted to stabilize the price, but it failed to hold, and a new low was created.

Moving Averages

On the 15-minute chart, the 20-period EMA fell below the 50-period SMA around 19:30 ET, forming a bearish death cross. The 50-period SMA on the daily chart crossed below the 200-period SMA, reinforcing the bearish trend. Price remained well below all moving averages throughout the 24-hour period, with no clear sign of reversal.

MACD & RSI

The MACD line turned negative around 18:45 ET, with a bearish crossover triggering a wave of selling. The histogram continued to shrink, indicating waning bearish momentum. RSI dropped below 30 during the overnight session, reaching 28 at 04:15 ET, signaling oversold conditions. However, a rebound failed to push RSI above 40, suggesting continued bearish pressure.

Bollinger Bands

Volatility widened sharply between 18:00 and 20:00 ET, with the upper band reaching 1.727e-05 and the lower band hitting 1.553e-05. Price remained near the lower band during most of the session, especially after the 22:30 ET breakdown. A contraction in the bands around 03:00–04:00 ET suggested potential for a rebound, but sellers quickly reasserted control.

Volume & Turnover

Volume spiked sharply during the 16:15–19:00 ET window, peaking at 5,309.54 at 08:45 ET. This coincided with a sharp drop from 1.61e-05 to 1.633e-05. Turnover also increased significantly, confirming bearish conviction. A divergence occurred around 04:00 ET when volume dropped to 26.43 but price continued to fall, suggesting exhaustion.

Fibonacci Retracements

Fibonacci levels played a key role in identifying critical support and resistance zones. The 61.8% retracement level at 1.56e-05 held briefly during the morning ET session before price fell below it. The 38.2% level at 1.59e-05 acted as a resistance during the overnight session, with multiple attempts to break it failing.

Backtest Hypothesis

A potential backtesting strategy could focus on using a bearish breakout from the 1.555e-05 support level in conjunction with RSI hitting oversold levels. This setup suggests a possible mean-reversion bounce. However, given the strong bearish momentum and volume confirmation, a more effective strategy may involve entering short positions on the retest of key resistances above 1.61e-05. Trailing stop-loss orders placed just above recent swing highs could help lock in profits as the market continues its consolidation phase.

EIGENBTC may find support near 1.55e-05 in the next 24 hours, but bearish momentum remains intact. A rebound above 1.61e-05 could trigger a retest of the 1.63e-05 resistance. Investors should remain cautious due to the ongoing bearish bias and high volatility.