Market Overview for EigenLayer/Bitcoin (EIGENBTC)

• Price declined from a high of $0.00001580 to $0.00001445, closing at $0.00001445 on 24 October 2025.
• RSI indicated overbought conditions earlier, followed by bearish momentum confirmed by MACD crossover.
• Volatility expanded during early trading hours, with price breaking below key support levels.
• High-volume candlesticks confirmed bearish continuation, particularly between 18:00–23:30 ET.
• Bollinger Bands showed price sitting near the lower band during the final 6 hours, signaling oversold conditions.

Market Context and Daily Range

EigenLayer/Bitcoin (EIGENBTC) opened at $0.00001553 on 8 October 2025 at 12:00 ET, reaching an intraday high of $0.00001580 before closing at $0.00001445 at 12:00 ET on 9 October. Total trading volume for the 24-hour period was 46,445.29 units, with a notional turnover of $6.86 (calculated at average price). The price action displayed bearish continuation after a key support level was breached during the afternoon hours.

Structure & Formations

Price action during the 24-hour period showed a clear bearish bias after the 18:00 ET time frame, when the price broke below the $0.00001540 psychological level. A notable bearish engulfing pattern formed at this juncture, followed by a continuation of downward pressure. A doji formed around $0.00001450, signaling indecision and a potential short-term bottoming process. Key support levels identified were $0.00001450 and $0.00001435, while resistance levels were noted at $0.00001470 and $0.00001490. A breakdown below $0.00001435 could target the next support at $0.00001415.

Moving Averages and Momentum

On the 15-minute chart, the 20-EMA and 50-EMA formed a bearish crossover during the early hours, reinforcing the bearish bias. The 50-EMA currently sits above the price, indicating a downtrend. On the daily chart, the 50-EMA, 100-EMA, and 200-EMA are in a descending order, suggesting a long-term bearish trend. The MACD line crossed below the signal line, confirming bearish momentum, while the RSI dropped below the 30 level, indicating oversold conditions. However, this may present a short-term bounce opportunity.

Volatility and Volume

Volatility increased significantly during the 18:00–22:30 ET period, with Bollinger Bands widening and price sitting near the lower band. This suggests a high level of bearish conviction during that time. Notably, the highest volume candle occurred at 22:00 ET, with over 12,363.59 units traded at $0.00001491–$0.00001479, confirming a bearish continuation. Volume remained elevated during the 22:00–23:15 ET period, suggesting strong selling pressure. However, volume has since declined, which could indicate a short-term pause in the bearish trend.

Backtest Hypothesis

The backtesting strategy suggests a mean-reversion approach targeting EIGENBTC bounces from oversold RSI levels (below 30). A potential entry trigger would be a bullish candle closing above the 50-EMA, with a stop-loss placed below the recent swing low and a take-profit at the nearest resistance. This approach would align with the observed price behavior after the doji formation near $0.00001450 and the RSI’s movement into oversold territory. The strategy’s success would depend on volume confirmation and the price staying above the 50-EMA as a trend filter.