Market Overview: Scroll/Bitcoin (SCRBTC) 24-Hour Summary

• Price tested key support levels, finding temporary rejection at 2.73e-06.
• Volume spiked near 2.79e-06 but failed to confirm breakout strength.
• MACD and RSI showed mixed momentum signals, indicating uncertain direction.
• Bollinger Bands narrowed earlier in the session, then expanded as volatility rose.

Scroll/Bitcoin (SCRBTC) opened at 2.78e-06 on 2025-09-16 at 12:00 ET and closed at 2.71e-06 on 2025-09-17 at 12:00 ET. The 24-hour high was 2.8e-06, and the low was 2.71e-06. Total traded volume was 54,970.8 units, with a notional turnover of 149.91 BTC-equivalent.

Structure & Formations

The price of SCRBTC formed several bearish patterns over the 24-hour period, including a potential bearish engulfing pattern near the 2.79e-06 level and multiple long lower shadows, signaling rejection of higher prices. A key support level appears to be forming around 2.73e-06, where the price found a temporary floor after a brief rally. The 2.71e-06 level is now a new short-term support, where a consolidation phase seems to have started.

Moving Averages

Using the 15-minute chart, the 20-period and 50-period moving averages remained in a bearish crossover throughout most of the session, reinforcing a downward bias. On the daily chart, the 50-period MA crossed below the 100-period MA, a bearish signal often referred to as the “death cross.” The 200-period MA has not yet confirmed a strong bearish trend, suggesting a possible short-term bounce could occur from the 2.73e-06 level.

MACD & RSI

MACD remained below zero for most of the 24-hour period, indicating sustained bearish momentum. A brief positive divergence appeared around the 2.76e-06 level, suggesting potential for a short-term pullback. RSI, however, moved into oversold territory near the 2.71e-06 close, hinting at potential near-term support. That said, RSI has been slow to recover, which may indicate limited buyer participation and potential continuation of the downtrend.

Bollinger Bands

Volatility remained relatively low during the early part of the session, with Bollinger Bands contracting around 2.77e-06. This was followed by a sharp expansion as the price moved toward 2.71e-06. The price closed near the lower Bollinger Band, reinforcing the bearish pressure and suggesting that a bounce could be short-lived unless volume increases significantly at higher levels.

Volume & Turnover

Volume spiked near the 2.79e-06 and 2.8e-06 levels, indicating attempts at a breakout. However, these moves were not confirmed by sustained volume at higher levels, suggesting selling pressure persisted. Turnover also followed volume patterns closely, showing divergence in higher bands. The lack of follow-through volume at key resistance levels indicates that sellers maintained control for much of the session.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing from 2.78e-06 to 2.8e-06, the price has found a short-term floor near the 61.8% retracement level at 2.74e-06. On the daily chart, the 38.2% retracement level of the broader move appears to have been a critical point for short-term support. The closing price at 2.71e-06 is slightly below this level, indicating that bearish momentum could continue in the near term.

Backtest Hypothesis

A potential backtest strategy could involve entering long positions after a confirmed bullish breakout above 2.76e-06 with volume confirmation and RSI above 40. A stop-loss could be placed just below 2.73e-06, with a target near the 20-period moving average. The current price action suggests that this setup may not be viable in the short term, given the bearish bias and lack of volume support at higher levels. However, a reversal setup near the 2.71e-06 level could provide an alternative entry point for short-term traders if a bounce is confirmed by rising volume and a RSI recovery above 40.