Market Overview for Scroll/Bitcoin (SCRBTC) - 2025-09-24

• Scroll/Bitcoin (SCRBTC) rose from $2.47e-6 to $2.53e-6, showing a late-day breakout and consolidation.
• Momentum strengthened in early morning, with RSI peaking near overbought territory.
• Volatility expanded overnight, with Bollinger Bands widening and volume spiking after 04:00 ET.
• A bullish engulfing pattern formed at the 2.50e-6 level, reinforcing short-term optimism.
• Turnover spiked sharply at 04:15 ET, reflecting a key liquidation or accumulation phase.

The Scroll/Bitcoin (SCRBTC) pair opened at $2.47e-6 on 2025-09-23 at 12:00 ET and closed at $2.53e-6 on 2025-09-24 at 12:00 ET, reaching a high of $2.54e-6 and a low of $2.44e-6. Total 24-hour volume was approximately 31,612.1 units, and notional turnover reached $79.93 (calculated at average price $2.53e-6). Price action showed a distinct bullish reversal pattern late in the session, with a strong push above the 2.50e-6 psychological level.

Structure & Formations

SCRBTC found a key support at $2.44e-6 during the overnight hours, which held briefly before a sharp rebound. A bullish engulfing pattern was observed at the 2.50e-6 level, suggesting a potential trend reversal. A doji candle formed at $2.49e-6 during the early morning, signaling indecision. Resistance appears at $2.54e-6, while support lies at $2.46e-6 and $2.44e-6. These levels could serve as key pivot points for near-term direction.

Moving Averages

On the 15-minute chart, SCRBTC closed above the 20-period and 50-period moving averages, with the 20 MA at $2.51e-6 and the 50 MA at $2.49e-6. This crossover implies a short-term bullish bias. On the daily chart, the 50-period MA (D) sits at $2.48e-6, while the 100-period MA is at $2.46e-6, and the 200-period MA at $2.45e-6. Price is now comfortably above all three, indicating a stronger mid-term bullish outlook.

MACD & RSI

MACD turned positive after 03:00 ET and closed above the signal line at $0.000000015, with a histogram showing increasing bullish momentum. RSI climbed into overbought territory (~72) in the early morning hours before stabilizing, indicating a potential short-term pullback may be due. However, the fact that price closed near its daily high suggests sustained buying pressure.

Bollinger Bands

Bollinger Bands expanded overnight, with the upper band reaching $2.54e-6 and the lower band at $2.44e-6. Price spent the last two hours oscillating near the upper band, showing high volatility and strong momentum. The 20-period standard deviation widened to 0.025, which is above average for this pair. This expansion may signal a potential reversal or continuation phase.

Volume & Turnover

Volume spiked significantly between 04:00 ET and 06:00 ET, with a large 15-minute bar registering 15,327.9 units traded at $2.46e-6, followed by a 6,123.0 unit trade at $2.45e-6. This volume surge coincided with a drop in price from $2.50e-6 to $2.44e-6, suggesting a possible accumulation phase. Turnover closely mirrored the volume pattern, with no notable divergence. The late-day rally also saw a moderate increase in volume, affirming the breakout.

Fibonacci Retracements

Applying Fibonacci retracements to the overnight swing from $2.44e-6 to $2.54e-6, key levels are at $2.51e-6 (61.8%) and $2.49e-6 (38.2%). Price tested the 61.8% level and closed just above it, which may act as a short-term resistance. A breakdown below the 38.2% level could see a retest of the $2.44e-6 support.

Backtest Hypothesis

A potential backtesting strategy could involve entering long positions on a bullish engulfing pattern when volume spikes above average and RSI crosses above 50. A stop-loss could be placed just below the recent swing low, while a take-profit target could be set at the 61.8% Fibonacci level. This approach aligns with observed price behavior during the early morning and aligns with key technical indicators such as RSI, MACD, and Bollinger Band positioning.