Market Overview for LayerZero/Bitcoin (ZROBTC) on 2025-11-03

• ZROBTC declined by ~21.5% over 24 hours, breaking below key support levels.
• High volume seen during the morning ET rebound, but bearish pressure resumed after 16:00 ET.
• RSI oversold levels suggest possible near-term bounce, but trend remains bearish.
• Volatility widened midday before collapsing as bears regained control.
• Bearish Engulfing and Rejection patterns observed, confirming ongoing bearish momentum.

LayerZero/Bitcoin (ZROBTC) opened at $1.467e-05 (12:00 ET−1) and closed at $1.363e-05 (12:00 ET), with a high of $1.522e-05 and low of $1.319e-05. Total 24-hour volume was 104,091.99 and turnover reached $1.513. Over the past day, ZROBTC has shown a distinct bearish bias, with multiple rejection patterns and a sharp decline in the latter half of the day.

Structure & Formations

The ZROBTC pair broke through critical support levels during the afternoon ET sell-off, with a key breakdown below $1.45e-05 confirming a bearish reversal. A Bearish Engulfing pattern appeared at the morning high near $1.522e-05, followed by a strong rejection candle at $1.506e-05. These patterns indicate a shift in market sentiment from short-term optimism to bearish dominance. The price has remained below the 20- and 50-period moving averages on the 15-minute chart, reinforcing the downward trend.

Moving Averages

On the 15-minute chart, the 20-period MA currently rests at $1.482e-05, while the 50-period MA is at $1.499e-05, both above the current price, reflecting bearish momentum. The daily chart shows the 50-period MA at $1.48e-05, the 100-period MA at $1.473e-05, and the 200-period MA at $1.465e-05. ZROBTC remains well below all these, suggesting a continuation of the bearish trend.

MACD & RSI

The MACD line has turned negative in the afternoon, with the histogram shrinking as bearish momentum wanes slightly. The RSI has reached oversold territory (~28), suggesting short-term buying interest may return. However, this reading does not confirm a reversal, especially as the price remains below key moving averages.

Bollinger Bands

Price has been bouncing off the lower Bollinger Band since the afternoon, indicating heightened volatility and a potential short-term bounce. The bands have widened in the morning but have since contracted, signaling a period of consolidation ahead of a potential breakout.

Volume & Turnover

Volume was highest in the early afternoon with a sharp sell-off around $1.42e-05, confirming the breakdown. Turnover spiked during this time, aligning with the price drop. However, volume has since diminished, suggesting the bearish move may be nearing exhaustion.

Fibonacci Retracements

On the 15-minute chart, the 61.8% retracement level sits near $1.455e-05, which ZROBTC rejected twice during the morning rebound. The daily swing low from $1.319e-05 may act as a short-term floor, with the 38.2% retracement near $1.40e-05 offering some initial support if the trend pauses.

Backtest Hypothesis

Given the recurring Bearish Engulfing and Rejection patterns observed in ZROBTC, a backtest of the “Bearish Engulfing” strategy could offer insight into potential profitability. This approach aligns well with the current bearish momentum, and if applied across similar altcoins with high volatility, it might yield meaningful performance data.