Market Overview: Pyth Network/Bitcoin (PYTHBTC) – 24-Hour Price Action

• Price declined 18.4% from $0.00000096 to $0.00000089 in 24 hours
• Volatility increased midday as price tested support at $0.00000090
• Volume surged during bearish breakouts, confirming downward momentum
• RSI entered oversold territory near close, suggesting potential rebound
• Bollinger Bands constricted before a sharp price drop, signaling breakout

At 12:00 ET–1, Pyth Network/Bitcoin (PYTHBTC) opened at $0.00000096 and reached a high of $0.00000099 before closing at $0.00000089 by 12:00 ET. The 24-hour low was $0.00000086. Total trading volume was 784,517.2, with a notional turnover of $0.7063. The price action reflected a bearish bias, particularly after 20:00 ET, when a sharp sell-off emerged.

Structure & Formations

The candlestick pattern on the 15-minute chart showed a strong bearish bias after 19:45 ET, with a large red candle closing near its low, forming a potential bearish continuation pattern. A critical support level emerged at $0.00000090–$0.00000089, where price consolidated before breaking down again. Notable bearish divergences appeared after midday, as prices fell while volume surged. A potential short-term reversal signal was visible at $0.00000089–$0.00000086, where prices may test for a possible bounce.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were in a bearish crossover, reinforcing the downtrend. On the daily chart, the 50-period moving average crossed below the 100- and 200-period lines, forming a bearish “death cross” pattern. This signals a continuation of the bearish sentiment for the short to medium term.

MACD & RSI

The MACD line crossed below the signal line during the midday sell-off, confirming bearish momentum. RSI moved into the oversold zone near 28 by the close, hinting at potential short-term support. However, RSI remained in bearish territory for most of the day, indicating strong downward pressure. The MACD histogram showed a widening bearish divergence after 20:00 ET, reinforcing the likelihood of further decline in the next 24 hours.

Bollinger Bands

Volatility expanded significantly during the late afternoon as price broke down from the upper Bollinger Band to the lower band. A contraction in volatility was observed between 18:00–19:30 ET, followed by a sharp expansion after 19:45 ET. Prices closed near the lower Bollinger Band, suggesting a bearish continuation. A rebound may occur if support at $0.00000089 holds, but a break below this level could extend the decline toward $0.00000085.

Volume & Turnover

Volume spiked during the midday sell-off and again after 19:45 ET, confirming the bearish breakout. Notional turnover increased in sync with the price drop, indicating strong selling pressure. However, a divergence appeared in the late afternoon, as volume declined while price continued to fall, suggesting possible exhaustion. A follow-through volume surge on a new breakout would confirm the next leg down.

Fibonacci Retracements

On the 15-minute chart, the 61.8% Fibonacci level at $0.00000091–$0.00000090 acted as resistance during the morning. The price then broke down to the 38.2% level at $0.00000089 before continuing lower. On the daily chart, the 61.8% retracement level at $0.00000088–$0.00000087 may provide near-term support. A break below that could target the 78.6% level at $0.00000084–$0.00000085.

Backtest Hypothesis

Given the current bearish momentum and confirmed technical indicators, a backtest could be designed to capture this trend using a MACD death-cross signal on the daily chart as an entry trigger. Holding the position for a 24-hour period would test the strategy’s robustness in this market environment. The hypothesis is that such a signal—when combined with RSI and Bollinger Band breakouts—could yield a high probability of short-term downside continuation. However, confirmation is needed regarding the correct ticker symbol or signal file for accurate execution. Once validated, a comprehensive performance evaluation can be conducted.