Market Overview for Horizen/Bitcoin (ZENBTC) on 2025-12-23

Summary
• Price action showed a bearish reversal at key resistance near 8.83e-05, confirming weakness.
• RSI moved into oversold territory, suggesting possible short-term buying interest.
• Volatility expanded during the 20:00–22:00 ET window, with volume confirming price declines.
• A bullish engulfing pattern formed near 8.72e-05, hinting at near-term support strength.
• Bollinger Bands remained contracted until midday, with price breaking below the 20-period MA.

The ZENBTC pair opened at 8.828e-05 on 2025-12-22 at 12:00 ET and closed at 8.628e-05 on 2025-12-23 at 12:00 ET, with a high of 8.88e-05 and a low of 8.628e-05 over the 24-hour period. Total volume traded was approximately 4,506.17 units, with a notional turnover of roughly $394.71 (based on Bitcoin price at close).

Structure & Formations

Price action displayed a clear bearish bias as ZENBTC repeatedly failed to hold above 8.83e-05, a prior key resistance level. A significant bearish engulfing pattern formed on the 5-minute chart after a brief rebound to 8.72e-05, signaling a potential continuation of downward momentum. A bullish engulfing pattern emerged at 8.72e-05 later in the session, indicating possible short-term support.

Moving Averages

On the 5-minute chart, the 20-period MA acted as a dynamic resistance, with price failing to close above it for much of the session. The 50-period MA moved lower in tandem with the price, reinforcing bearish bias. On the daily chart, ZENBTC closed below all major MAs, suggesting continuation of the longer-term bear trend.

Momentum Indicators

The RSI dipped below 30 during the final hour of the session, indicating oversold conditions and potential for a short-term rebound. The MACD remained negative throughout, with a narrowing histogram indicating declining bearish momentum toward the close.

Volatility and Bollinger Bands

Volatility expanded sharply in the evening hours (20:00–22:00 ET), aligning with the largest price swing of the session. Bollinger Bands had been tightly compressed until the midday rebound, after which price broke below the lower band, suggesting a continuation of bearish pressure.

Volume and Turnover

Trading volume spiked during the evening selloff, confirming the price move. However, volume waned as price approached 8.628e-05, raising questions about conviction. A divergence between volume and price occurred in the final 30 minutes, as price drifted lower without additional selling pressure.

Fibonacci Retracements

On the 5-minute chart, price found temporary support at the 38.2% Fibonacci level around 8.72e-05 before retreating. On the daily chart, the 61.8% retracement level from the recent high remains a critical threshold to watch.

Price may test the 8.628e-05 level for possible short-term consolidation, with a break below it potentially opening the path toward 8.5e-05. Investors should monitor volume and RSI divergence for early signs of reversal. As always, volatility in this pair remains high, and positions should be managed accordingly over the next 24 hours.