Market Overview: EigenLayer/Bitcoin (EIGENBTC) - A 24-Hour Narrative of Rebound and Momentum

• EigenLayer/Bitcoin (EIGENBTC) rose 0.73% over 24 hours, closing at 1.491e-05, up from 1.482e-05.
• Price formed a bullish engulfing pattern after a sharp rebound from 1.448e-05 intraday support.
• Volatility expanded sharply between 18:00–20:00 ET with a 23% price move and volume spike of 6,340.11.
• RSI entered overbought territory at 67.4, while MACD crossed above signal line with a strong bullish divergence.
• Turnover surged 38% post-18:00 ET as volume concentration shifted toward higher price levels.

EIGENBTC opened at 1.482e-05 on 2025-10-02 12:00 ET, hit a high of 1.524e-05 and a low of 1.448e-05, and closed at 1.491e-05 by the same time on 2025-10-03. Total 24-hour volume was 129,466.99 with a turnover of $1.935 million, showing a clear shift in buyer dominance as late-day volume spiked.

The structure of EIGENBTC over the last 24 hours displayed a clear bullish reversal. Price action fell to a 24-hour support level at 1.448e-05 on 10-02 23:30 ET and rebounded strongly with a bullish engulfing pattern forming around 19:00–20:15 ET. This was followed by a 15-minute doji near 1.504e-05, suggesting indecision after a strong rally. Notable resistance levels appeared at 1.524e-05, 1.518e-05, and 1.509e-05, with the 1.524e-05 level showing a failed breakout attempt.

EIGENBTC traded above both the 20- and 50-period moving averages on the 15-minute chart, indicating a short-term bullish bias. The 20-period MA acted as a strong dynamic support, while the 50-period MA held near 1.489e-05. On the daily chart, price remained above the 50- and 200-period MAs, affirming a longer-term uptrend. The 100-period MA on daily data showed a slight bearish bias but remained close to current price levels.

MACD showed a bullish crossover on 10-03 12:00 ET, with the histogram expanding from negative to positive territory. RSI reached 67.4, indicating overbought conditions but with a bullish divergence from the price low of 1.448e-05 and RSI low of 49.2. Bollinger Bands widened significantly between 18:00–20:00 ET, confirming increased volatility and a breakout attempt from the lower band. Price closed near the middle band, suggesting a potential continuation higher.

Volume spiked to 6,340.11 units at 20:15 ET, coinciding with a 1.499e-05 pullback and a 1.499e-05 retest. Notional turnover was concentrated in the 1.495e-05 to 1.504e-05 range, indicating strong accumulation in the late hours of the period. The divergence between price and volume in the 19:00–20:45 ET timeframe suggests a potential exhaustion in the rally, warranting a cautious approach ahead of the next 24-hour window.

Fibonacci retracement levels for the 1.448e-05 to 1.524e-05 swing showed key levels at 1.484e-05 (38.2%) and 1.505e-05 (61.8%). Price rejected at 61.8% (1.505e-05) during a failed breakout attempt and found support at 38.2% (1.484e-05) earlier in the day. The 61.8% level now acts as a potential dynamic resistance, with a break above it likely to trigger a test of the 1.524e-05 level.

Backtest Hypothesis
A potential strategy could involve entering long positions on a bullish engulfing pattern confirmation, particularly following a 15-minute close above the 20-period moving average with volume exceeding the 5-period average. Stops could be placed below the 38.2% Fibonacci level at 1.484e-05, with targets at 1.505e-05 (61.8%) and 1.524e-05 (daily high). RSI divergence and Bollinger Band reversion suggest the use of a trailing stop to ride a continuation higher. However, if volume fails to confirm or MACD flattens, an exit might be prudent to lock in gains.