Market Overview for EigenLayer/Bitcoin (EIGENBTC): 24-Hour Price Action and Momentum Analysis

• EIGENBTC declined 18.6% over 24 hours, closing at 7.45e-6 after hitting a low of 6.89e-6.
• High volatility seen in late-night selloffs, with a large 15-minute candle on 15:45 ET printing 7.23e-6 to 6.89e-6.
• RSI and volume suggest potential short-term oversold conditions, though bearish momentum remains intact.
• Bollinger Bands widened during the selloff, confirming a sharp move outside the 2σ range.
• A large-volume sell-off emerged during the early morning hours, with no immediate signs of reversal.

The EIGENBTC pair opened at 7.92e-06 on 2025-11-02 at 12:00 ET, reaching a high of 7.96e-06 before plunging to a 24-hour low of 6.89e-6 by 15:45 ET on 2025-11-03. It closed at 7.45e-6 at 12:00 ET on 2025-11-03. Total volume for the 24-hour window stood at 136,923.22, while notional turnover remained constrained due to the low price per unit.

Price action displayed a bearish continuation with a broad distribution phase early in the day and a sharp selloff late at night. A notable 15-minute candle at 15:45 ET saw a nearly 5.7% drop on heavy volume of 24,724.41, signaling strong seller pressure. The pattern resembles a breakdown candle, reinforcing bearish sentiment. Support levels appear near 7.45e-6 and 7.35e-06, with Fibonacci retracement levels at 61.8% aligning with the recent low of 6.89e-6.

Moving averages on the 15-minute chart show EIGENBTC trading well below the 20-period and 50-period SMAs, which are both descending. The 200-period SMA on the daily chart is also acting as a bearish reference point. MACD lines turned negative and showed a bearish crossover, with the histogram indicating a widening bearish momentum phase. RSI, however, has entered oversold territory around the 28-30 range, suggesting potential short-term buying interest.

Bollinger Bands have widened in response to the recent price drop, with the 20-period band reaching a 2σ width of approximately 0.18e-6. Price has moved well below the lower band, confirming a period of heightened volatility and potential exhaustion in the bearish move. Volume and turnover have spiked during the selloff, particularly in the early morning and late-night trading sessions, with price and volume action broadly aligned.

The RSI has dipped into oversold territory, but the price remains under significant bearish control, with no immediate reversal patterns forming. While the 61.8% Fibonacci level near 6.89e-6 could offer a potential short-term floor, buyers may struggle to regain momentum without a clear breakout above the 7.5e-06 resistance level. Investors should watch for a potential bounce from the 7.45e-6 level, but bearish conditions are likely to persist unless a large-volume bullish candle emerges.

Backtest Hypothesis

Given the recent price behavior and the current RSI reading in oversold territory, a potential backtesting strategy could focus on a long-bias reversal trade if the price holds above 7.45e-06. An RSI-oversold strategy (e.g., buying when RSI < 30 and price closes above the 20-period SMA) could be tested from 2022-01-01 to the present. However, due to the lack of available data for EIGENBTC, a successful backtest requires either confirmation of the correct ticker or the provision of OHLCV data in a standard format (CSV or JSON). Without this, the strategy can only be conceptual at this stage.