Market Overview: Horizen/Bitcoin (ZENBTC) 24-Hour Analysis

• ZENBTC consolidates after a sharp intraday decline, with key support tested below 6.08e-05
• Momentum weakened on bearish divergence in RSI and declining turnover
• Bollinger Band contraction suggests potential for a breakout
• Volatility increased as price moved below 50-period MA on the 15-minute chart
• A potential rebound from the 61.8% Fibonacci level may trigger short-term buying interest

The ZENBTC pair opened at 6.123e-05 on 2025-09-23 at 12:00 ET and closed at 5.923e-05 the next day at the same time, reaching a high of 6.126e-05 and a low of 5.916e-05. The total volume traded over 24 hours was 1,716.46 ZEN, with a notional turnover of $0.0945 (assuming BTC price is $60,000).

The price action shows a bearish bias as ZENBTC broke key support levels and closed below the 20- and 50-period moving averages on the 15-minute chart. A bearish engulfing pattern formed during the 2025-09-23 18:15–18:30 ET session, signaling a shift in sentiment. The RSI dipped into oversold territory, but divergence between price and momentum suggests further downside could be capped.

Bollinger Bands have been contracting over the last four hours of the reporting period, signaling potential for a directional breakout. Price remains within the lower band, indicating heightened volatility. A retest of the 61.8% Fibonacci retracement level at ~6.08e-05 could serve as a potential pivot point for either a bounce or a deeper correction.

Volume spiked during the morning hours of 2025-09-24 as the price dropped sharply, with the largest single candle contributing 987.76 ZEN. Turnover and volume moved in tandem during the sell-off but have since declined, suggesting exhaustion among sellers. A consolidation phase is forming below 6.08e-05, with the next key support at 6.045e-05, which, if broken, could trigger further losses.

The backtesting strategy involves entering a short position when a bearish engulfing pattern forms on the 15-minute chart and RSI confirms oversold conditions. A stop-loss is placed above the recent swing high, and a take-profit is set at the next Fibonacci level. This strategy aligns with the observed bearish momentum and overextended price move, making it a viable option for short-term traders.