Wrapped Bitcoin/Bitcoin Market Overview for 2025-09-24

• Price drifted lower over 24 hours, closing near intraday lows
• RSI and momentum indicators suggest moderate bearish bias
• Volatility increased during overnight hours, with key support tested
• Volume surged around 02:00–07:00 ET, but failed to confirm higher prices
• Bollinger Bands widened as price approached a critical support level

Wrapped Bitcoin/Bitcoin (WBTCBTC) opened at 1.0001 on 2025-09-23 at 12:00 ET, reached a high of 1.0004, and closed at 1.0002 at 12:00 ET on 2025-09-24, with a low of 0.9994. Total volume was 139.08 BTC, and turnover was approximately 139.08 BTC, reflecting increased activity.

Structure & Formations

Over the past 24 hours, WBTCBTC showed a bearish trend with key support levels forming at 0.9998 and 0.9994. A notable bearish engulfing pattern appeared during the early morning hours, followed by a doji at the 0.9996–0.9997 range, suggesting indecision. The price tested these levels twice, with the 0.9994 level showing strong bearish pressure, particularly in the afternoon.

Moving Averages

On the 15-minute chart, the 20-period moving average crossed below the 50-period, signaling a bearish bias. On the daily timeframe, the 50-day moving average is near 1.0003, acting as a resistance. The 100 and 200-day averages are slightly higher, suggesting that a break below the 50-day MA could confirm a longer-term downtrend.

MACD & RSI

The 15-minute MACD turned negative after 02:00 ET, with a bearish crossover forming. The RSI dipped into oversold territory below 30 during the late afternoon, but failed to trigger a strong rebound, suggesting bearish momentum remains intact. These readings indicate a continuation of the downward trend unless a reversal candle forms near the 0.9994 level.

Bollinger Bands

Bollinger Bands showed a moderate expansion overnight and were wide open by 07:00 ET. The price closed near the lower band at 0.9994 on 2025-09-24, indicating strong bearish pressure. A sustained close above the middle band could signal a short-term reversal, but for now, the bands reinforce the bearish tone.

Volume & Turnover

Volume spiked between 02:00 and 07:00 ET, reaching a peak of nearly 10.99 BTC, but coincided with a price drop. This suggests bearish participation during that period. Turnover also increased during the same timeframe, but failed to confirm higher prices, reinforcing the bearish bias. A divergence between volume and price action was observed between 11:00 and 15:00 ET, indicating weakening bullish conviction.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing from 1.0004 to 0.9994, the 38.2% retracement is at 0.9999 and the 61.8% at 1.0001. The price stalled near the 61.8% retracement during the morning and drifted lower. On the daily chart, the 61.8% retracement of the recent bearish leg is at 0.9989, which could become a key target if the downtrend continues.

Backtest Hypothesis

Given the current technical setup, a potential backtest strategy could focus on a short-biased approach triggered by a break below the 0.9994 support level. A stop-loss could be placed above the 61.8% retracement at 1.0001. The strategy would aim to capture the continuation of the bearish trend, with a target at 0.9989 (next Fibonacci level). This aligns with the observed volume divergence and MACD bearish signal, offering a high-probability short-term trade setup.