Market Overview for VulcanForged/Bitcoin (PYRBTC): 24-Hour Analysis

• Price declined from a 24-hour high of $9.35e-06 to a low of $8.73e-06, closing near $8.81e-06.
• RSI and MACD show bearish momentum, with RSI entering oversold territory.
• Volatility expanded after 06:15 ET as selling pressure intensified.
• Bollinger Bands widened with price hovering near the lower band.
• Volume spiked to over 3620k during the 06:15 ET bar, confirming downward price action.

The VulcanForged/Bitcoin pair (PYRBTC) opened at $9.33e-06 on 2025-09-21 at 12:00 ET and closed at $8.81e-06 on 2025-09-22 at 12:00 ET, with a high of $9.35e-06 and low of $8.73e-06. Total volume across the 24-hour window was 13,536.31 units, with a turnover of $118.56 (notional).

Structure & Formations

The 15-minute chart displayed a series of bearish patterns, particularly during the early morning hours. A strong bearish engulfing pattern emerged at 06:15 ET as price plummeted from $8.95e-06 to $8.75e-06, with a close of $8.80e-06. This was followed by a long lower shadow at 06:45 ET, signaling a failed attempt to rally. The key support level appears to be around $8.73e-06—confirmed by the 15:30 ET bar—while resistance remains at $8.90e-06, which has been tested multiple times without a strong breakout.

Moving Averages

On the 15-minute chart, the 20-period MA is below the 50-period MA, forming a bearish crossover. The daily chart shows the 50-period MA below the 200-period MA, reinforcing the bearish bias. Price has remained below all moving averages throughout the 24-hour window, indicating a lack of bullish conviction and strong bearish control.

MACD & RSI

The MACD has remained in negative territory for much of the session, with a bearish crossover confirmed at 06:30 ET. RSI hit a 24-hour low of 28 at 15:45 ET, entering oversold territory. While this can signal a potential reversal, the lack of a corresponding rally suggests further downside could be in play. The divergence between price and RSI remains weak, with no clear bullish divergences to indicate a reversal.

Bollinger Bands

Bollinger Bands saw a significant widening during the 06:15 ET bar, coinciding with the price drop and high volume. Price has since remained near the lower band, indicating a period of low volatility after the sell-off. The band width contraction during the morning hours from 05:00 to 07:00 ET suggests a period of consolidation before the break-out to the downside.

Volume & Turnover

Volume spiked sharply during the 06:15 ET bar, reaching 3620.461 units, the highest in the 24-hour period. This was accompanied by a significant drop in price and a surge in turnover. However, after 08:00 ET, volume subsided, and price moved sideways, suggesting reduced conviction in the bearish move. The divergence between volume and price action post 06:30 ET raises questions about the sustainability of the decline.

Fibonacci Retracements

Applying Fibonacci retracements to the most recent 15-minute swing (from $9.35e-06 to $8.73e-06), key levels to watch include the 38.2% retracement at $8.96e-06 and the 61.8% at $8.88e-06. On the daily chart, the 61.8% retracement of the prior week’s move resides near $8.90e-06, a level that has already been tested multiple times without a sustained breakout.

Backtest Hypothesis

A potential backtesting strategy for this pair could involve a short signal triggered on a bearish engulfing candle combined with RSI entering oversold territory. A stop-loss could be placed above the 61.8% Fibonacci retracement level ($8.88e-06), with a take-profit target set at the 20-period MA or at a key support level ($8.73e-06). Given the recent volume spikes and bearish momentum indicators, this strategy appears to align well with the observed price action and could be refined with additional testing across multiple timeframes.