Market Overview for Horizen/Bitcoin (ZENBTC) on 2025-10-10

• ZENBTC traded in a 24-hour range of $0.00009289–$0.0001597 with a closing decline from $0.00009379 to $0.00012124.
• Strong bearish momentum emerged post-noon, with a 6.4% drop and diverging volume during price consolidation.
• Volatility spiked during the overnight session as ZENBTC tested multiple support levels before stabilizing.
• RSI approached overbought conditions twice, failing to confirm sustained bullish strength.
• Turnover surged during key breakouts, but volume failed to confirm strong directional bias.

The Horizen/Bitcoin pair (ZENBTC) opened at $0.00009379 on October 9 at 12:00 ET and reached a high of $0.0001597 before closing at $0.00012124 on October 10 at the same time. Total volume across the 24-hour window was approximately 76,321.63 ZEN, with a notional turnover of $9.69 million. Price action displayed a bearish continuation pattern post-noon, supported by declining RSI and diverging volume during consolidation.

Structure & Formations

Key support levels emerged at $0.00011558, $0.00011948, and $0.00012429, where ZENBTC found temporary bids. A bearish engulfing pattern formed during the 15:15–15:30 ET window, confirming a downward shift in sentiment. A doji at $0.00012818 during the 14:00 ET hour signaled indecision and potential reversal.

Moving Averages

On the 15-minute chart, price closed below the 20-EMA ($0.0001257) and 50-EMA ($0.0001278), reinforcing the bearish bias. The 50-EMA on the daily chart at $0.0001283 further supports a medium-term downtrend.

MACD & RSI

The MACD crossed below the signal line at 03:30 ET and remained negative for most of the session, aligning with the bearish momentum. RSI peaked at 66 during the overnight high but failed to confirm a new bullish trend, dipping below 50 by 06:30 ET and closing near 36, suggesting oversold conditions but limited buying interest.

Bollinger Bands

Volatility expanded significantly during the early morning session, as ZENBTC traded near the upper band before retreating into the lower band by 12:00 ET. This contraction and expansion may indicate a potential reversal or continuation depending on the next 24-hour move.

Volume & Turnover

Volume surged during key breakouts, particularly at 03:45 ET ($0.00013209) and 05:45 ET ($0.00013209), but failed to confirm bullish conviction. Turnover was highest during the 03:45–05:45 ET period, reaching $1.03 million and $1.09 million respectively, but price failed to hold above these levels, indicating bearish absorption.

Fibonacci Retracements

Fibonacci levels drawn from the overnight high ($0.0001597) to the intraday low ($0.00011888) showed price consolidating near the 61.8% level ($0.0001303), suggesting a potential continuation lower or sideways consolidation.

Backtest Hypothesis

The backtesting strategy under evaluation involves entering long positions when ZENBTC breaks above the 20-EMA with RSI above 50 and volume surging by at least 50% compared to the 5-period average. Short positions are entered when ZENBTC closes below the 50-EMA with RSI below 40 and bearish engulfing patterns on the 15-minute chart. Given today’s data, the strategy would have missed the long entry due to RSI failing to hold above 50 despite the morning high, but the short entry was valid post-noon with a clear bearish divergence in volume. This suggests the strategy could perform well in a trending environment but may struggle in range-bound conditions without strong confirmation signals.

Over the next 24 hours, ZENBTC may test the $0.00011558 support level and could potentially rebound if buying interest emerges. However, a breakdown below this level would likely target $0.00011888 and $0.00010891. Investors should remain cautious given the recent bearish momentum and divergence in volume, with risk of further downside if short-term overbought conditions persist.