Market Overview for SPACE ID/Bitcoin (IDBTC) – 2025-09-23

• IDBTC traded in a narrow range, with price fluctuating between 1.35e-6 and 1.39e-6.
• A key low at 1.35e-6 formed during the early hours of 2025-09-23, suggesting support.
• Price closed near the session low at 12:00 ET, with bearish momentum emerging in the final hours.
• Volume spiked dramatically at 02:45 ET (63099.0), coinciding with a sharp drop to 1.36e-6.
• Divergence between price and volume in the final hours of the session may signal weakening bulls.

Opening Summary

SPACE ID/Bitcoin (IDBTC) opened at 1.38e-6 at 12:00 ET–1 and traded as high as 1.39e-6 and as low as 1.35e-6 before closing at 1.36e-6 at 12:00 ET. Total volume reached 152,502.0, with a notional turnover of approximately 0.0205 BTC. Price action reflected moderate bearish bias, with a notable selloff from 02:45 ET onward.

Structure & Formations

The 24-hour candlestick pattern showed a consolidation phase with no clear breakout above or below key levels. Price tested the 1.35e-6 support twice, failing to break below during the early morning. A bearish engulfing pattern formed at 02:45 ET, marking a potential top. The 1.36e-6–1.37e-6 range appears to be a key area of psychological resistance, where the market hesitated multiple times.

Moving Averages

On the 15-minute chart, the 20 and 50-period moving averages were tightly clustered around the mid-range of the day’s trading range (~1.365e-6). This indicated low directional bias in the short term. For the daily chart, the 50, 100, and 200 SMA are aligned below current price levels, suggesting the market is still in a potential bullish trend, though this is being tested by recent volatility.

MACD & RSI

The MACD crossed below the signal line around 02:45 ET, aligning with the bearish engulfing pattern. RSI showed a brief overbought reading at 1.39e-6 but quickly corrected into neutral territory. By the end of the session, RSI sat near 50, with MACD remaining bearish, suggesting short-term momentum favors the sellers.

Bollinger Bands

Volatility expanded sharply at 02:45 ET as the price dropped to 1.36e-6, breaking the lower Bollinger Band. The width of the bands widened significantly during that period, reflecting increased uncertainty. For most of the session, price remained within the band, with occasional touches near the upper band during bullish attempts in the evening.

Volume & Turnover

Volume surged to 63,099.0 at 02:45 ET, coinciding with a large price drop to 1.36e-06. This marked the largest volume spike of the session. Notional turnover followed a similar pattern, with higher turnover during the early morning selloff. Divergence appeared in the final hours, as price continued to trade lower but volume remained muted, suggesting the bearish move may be running out of steam.

Fibonacci Retracements

The 0.618 retracement level of the 1.35e-6 to 1.39e-6 swing sits at 1.364e-6, a level the price briefly tested in the late morning and again after the 02:45 ET selloff. This level may serve as a potential pivot point in the next 24 hours, with a break below it likely to open a larger bearish move toward 1.34e-6.

Backtest Hypothesis

Given the formation of the bearish engulfing pattern at 02:45 ET and the divergence in volume during the late session, a potential backtesting strategy could focus on shorting IDBTC on a close below the 1.36e-6 support level, with a stop-loss placed above the 1.37e-6 resistance and a target aligned with the 1.34e-6 Fibonacci level. This approach would leverage the recent volatility and confirmed bearish momentum, assuming continuation of the current trend.