Market Overview for Pendle/Bitcoin (PENDLEBTC): Bearish Consolidation Amid Key Support Test

Summary
• PENDLEBTC declined by -1.5% over 24 hours amid increasing bearish momentum and a key 2.14e-05 support test.
• High volatility seen between 19:00–20:00 ET with 555.7 volume spikes and a 2.175e-05–2.162e-05 range contraction.
• RSI hit oversold territory below 30, while MACD turned negative with bearish divergence.
• Volume surged to 3,753.7 by 10:00 ET, confirming bearish continuation but lacking strong follow-through.
• Fibonacci 61.8% level at 2.15e-05 coincided with Bollinger Band lower boundary and acted as a temporary floor.

Pendle/Bitcoin (PENDLEBTC) opened at 2.203e-05 and closed at 2.161e-05 with a high of 2.221e-05 and a low of 2.114e-05 over the 24-hour period. Total traded volume reached 3,753.7 PENDLE, with a notional turnover of 0.0796 BTC.

The 5-minute chart shows a bearish consolidation phase with price forming a descending channel and testing key support at 2.14e-05. A bearish engulfing pattern appeared early, followed by a narrow range consolidation. The 20-period moving average crossed below the 50-period line (death cross), confirming bearish momentum. MACD turned negative, with RSI dipping into oversold territory, suggesting possible short-term stabilization.

Bollinger Bands reflected a volatility contraction after a sharp sell-off between 19:00–20:00 ET, followed by a brief expansion as price touched the lower band. Volume spiked to 555.7 and 627.2 in those periods, reinforcing the downward move.

The 61.8% Fibonacci retracement level at 2.15e-05 aligned with the lower Bollinger Band and acted as a temporary floor. A bullish rebound from this level may attract short-covering, but a break below 2.14e-05 could extend the downward trend.

Looking ahead, traders may watch for a retest of 2.14e-05 and 2.13e-05 for further direction. However, low conviction in follow-through volume and bearish divergences suggest caution for long positions in the short term.