Market Overview for Magic Eden/Bitcoin (MEBTC) on 2025-09-24

• Price declined from $6.95e-06 to $6.05e-06, closing at $6.12e-06 with bearish bias in late trading.
• Volume surged during the 00:00–06:00 ET window, with $8,440.96 in volume during the 05:15 ET sell-off.
• RSI and MACD indicated weakening momentum, with RSI below 40 and MACD bearish cross during the morning.
• Bollinger Bands showed expansion in early morning, reflecting increased volatility.
• Key support tested at $6.07e-06–$6.05e-06, with potential bearish continuation expected if the level holds.

The 24-hour candle for Magic Eden/Bitcoin (MEBTC) opened at 6.28e-06 on 2025-09-23 at 12:00 ET and closed at 6.12e-06 on 2025-09-24 at 12:00 ET. The session reached a high of 6.95e-06 and a low of 6.05e-06. Total volume for the 24-hour window was 135,815.05, with a notional turnover of approximately $823.15 million, based on average trade sizes. The price action suggests a bearish bias, particularly in the morning and early afternoon ET.

Structure on the 15-minute chart reveals a key support zone at $6.07e-06–$6.05e-06, tested during the 04:15–05:15 ET window, and confirmed as a potential pivot. Resistance levels at $6.14e-06 and $6.2e-06 were repeatedly tested but failed to hold as prices pushed lower. Notable bearish patterns include a morning doji at 03:30 ET and a bearish engulfing pattern at 04:15 ET. The price appears to have settled into a descending channel, with bearish continuation likely unless a strong bullish reversal emerges at support.

Moving averages on the 15-minute chart indicate a bearish alignment, with the 20-EMA below the 50-EMA, confirming a downtrend. On the daily chart, the 50-EMA and 200-EMA suggest a neutral-to-bearish bias, with the 100-EMA acting as a minor resistance level. The price has been below all three moving averages for much of the session, suggesting a continuation of bearish momentum. A break below the 6.07e-06 support level could accelerate the downtrend toward the 6.05e-06 psychological floor.

The RSI and MACD confirmed bearish momentum, with RSI dropping below 40 and MACD showing a bearish cross during the 05:15–06:30 ET window. MACD has remained in negative territory since, reinforcing the bearish sentiment. Bollinger Bands expanded in the early morning session, reflecting increased volatility as price tested support levels. Volatility has since contracted slightly, but the price remains near the lower band, indicating ongoing pressure. The 6.07e-06–6.05e-06 range is crucial: a break below could open the door to further downside, while a bounce may lead to a consolidation phase.

Backtest Hypothesis

A backtesting strategy could be built around the 15-minute bearish engulfing and doji patterns observed during the early morning and mid-afternoon sessions. Traders may consider entering short positions on confirmation of a close below key support levels, such as $6.07e-06, with a stop above the 6.14e-06 resistance level. A trailing stop or fixed target at 6.05e-06 could be used to manage risk. The high volume and strong bearish momentum, supported by RSI and MACD divergence, provide a strong signal for shorting bias during periods of heightened volatility. This strategy would need to be refined over multiple cycles but appears well aligned with the technical indicators observed in this 24-hour period.