Market Overview for Mina/Bitcoin (MINABTC) on 2025-11-03

• Price declined by 14.7% over 24 hours, closing at 1.11e-6 BTC, below key support levels.
• Volume spiked sharply after 20:00 ET, indicating heightened selling pressure.
• Bollinger Band contraction in early hours hinted at low volatility before a breakout down.
• RSI remains in oversold territory, suggesting potential for a near-term rebound.
• Divergence between price and volume suggests bearish conviction may be waning.

Mina/Bitcoin (MINABTC) opened at 1.3e-06 BTC at 12:00 ET-1 and closed at 1.11e-06 BTC at 12:00 ET, recording a 24-hour high of 1.39e-06 and a low of 1.07e-06. Total volume for the 24-hour period was 7.1 million MINA, with a notional turnover of approximately 7.9 BTC. Price action showed a distinct bearish bias, with key support levels in the 1.11–1.14e-06 range holding through multiple tests.

Structure & Formations

Price has been trending lower since a bearish reversal pattern formed at 1.39e-06 on the 15-minute chart. A long lower shadow at 21:45 ET signaled a failed attempt to stabilize. A doji at 05:30 ET confirmed weakness near 1.13e-06. The price appears to be in a descending channel with a critical support level forming near 1.07e-06. A break below that could trigger further selling.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart have remained in a steep bearish crossover for most of the day, reinforcing downward momentum. On the daily chart, the 50-period MA has crossed below the 200-period MA, forming a potential death cross. This suggests further bearish pressure could persist in the near term, unless buyers step in decisively to retest the 50-period line.

Bollinger Bands and Volatility

Volatility expanded significantly after 20:00 ET, with price dropping below the lower Bollinger Band by as much as 4%. Earlier in the session, a tight contraction between the bands at 00:00–04:00 ET indicated a low-volatility consolidation phase, which gave way to a breakout to the downside. The current position of price near the lower band reflects heightened bearish momentum.

Volume & Turnover

Volume surged sharply during the bearish move, especially between 20:00 and 22:00 ET, coinciding with a 5.3% drop in price. This suggests strong selling pressure and institutional involvement. However, a divergence between price and volume in the last 3 hours indicates that bearish conviction may be waning. Turnover reached a 24-hour high of 7.9 BTC, with the largest single 15-minute volume spike at 20:00 ET (443,734 MINA traded).

Backtest Hypothesis

Given the current setup and historical price behavior, a potential backtest could examine the effectiveness of a death-cross-based short strategy. This would involve entering a short position when the 50-period MA crosses below the 200-period MA on the daily chart and exiting when the 20-period MA on the 15-minute chart crosses back above the 50-period MA. However, the strategy would need to be refined by incorporating a volume filter to avoid false signals. In this case, the recent volume spikes align with bearish signals, making this an interesting setup to evaluate over a longer time frame. The system will require the correct symbol to fetch the necessary MACD values for testing this strategy from 2022-01-01 to today.