Market Overview for ORDI/Bitcoin (ORDIBTC) – November 8, 2025

Summary
• ORDI/Bitcoin traded lower, closing at 5.719e-05 after a peak of 8.123e-05.
• High volume of 105,613.85 and $turnover of ~$110k showed strong participation.
• Strong bearish reversal patterns emerged in late-night to early morning hours.

ORDIBTC opened at 4.578e-05 on November 7 at 12:00 ET, reaching a high of 8.123e-05 before closing at 5.719e-05 on November 8 at the same time. Total 15-minute volume over 24 hours was 105,613.85, with notional turnover reflecting heightened activity and a clear divergence in price and volume in the early morning.

The 15-minute chart showed a sharp bearish reversal after a mid-session rally, with a large engulfing candle forming at 00:30 ET. This candle had the highest volume of the session and confirmed a shift in sentiment. Key support levels were observed at 5.303e-05, 5.064e-05, and 4.92e-05, while resistance held near 6.367e-05 and 6.765e-05.

The 20-period and 50-period moving averages (20MA and 50MA) on the 15-minute chart crossed bearishly during the early morning hours, reinforcing the bearish momentum. The daily chart showed the 50-day and 200-day moving averages also in bearish alignment, suggesting a continuation of the longer-term downtrend.

MACD turned negative late in the session and remained below the signal line, indicating sustained bearish momentum. RSI dropped to oversold territory near the close, signaling possible short-term bounce potential, though it remains below 50. Bollinger Bands showed a moderate expansion during the peak volume phase, with price closing near the lower band, suggesting increased volatility and bearish pressure.

Volume and notional turnover were highest during the 00:30 ET to 01:00 ET window, when ORDI/Bitcoin declined sharply from a high of 8.123e-05 to 6.765e-05. This divergence in volume and price confirmed bearish conviction. Fibonacci retracements of the early morning rally (from 5.303e-05 to 8.123e-05) aligned with key support levels near 5.303e-05 (61.8%) and 5.592e-05 (50%).

The formation of a large bearish engulfing candle on high volume during the early morning suggests a probable continuation of the downtrend into the next 24 hours. While RSI indicates oversold conditions, the absence of a bullish reversal pattern suggests this may not trigger a strong rebound, but rather a consolidation phase. Traders should remain cautious as support at 5.303e-05 may be vulnerable, with a risk of further downside if volume remains high.

Backtest Hypothesis
The proposed backtesting strategy leverages overbought RSI levels and a 10% profit target to assess a purely momentum-driven approach in the volatile ORDI/Bitcoin pair. Given the recent bearish divergence and strong short-term RSI declines, such a strategy could face challenges during periods like the past 24 hours. However, during strong bullish phases, where RSI remains above 70 and price action confirms continuation patterns, this approach may capture sharp gains. The success of this strategy would depend on selecting the correct data source (e.g., “ORDIBTC.BINANCE”), aligning RSI settings with the 15-minute timeframe, and defining whether to act at market close or the next open. A stop-loss or holding period would be crucial to manage risk during false breakouts or volatile reversals.