ZKBTC’s Failed Breakout at 3.8e-07 Sparks Bearish Divergence

Summary
• Price fluctuated between 3.1e-07 and 3.8e-07 with bearish 5-minute patterns forming near 3.8e-07.
• Volatility surged overnight with volume spiking above 489k at 10:45 ET, but momentum failed to hold.
• RSI showed bearish divergence as price hit 3.8e-07, suggesting possible near-term profit-taking.
• Bollinger Bands tightened during the early hours, followed by a sharp but unconfirmed breakout.
• Turnover surged during the 09:30–10:00 ET window, aligning with the highest volume and price spike.

ZKsync/Bitcoin (ZKBTC) opened at 3.1e-07 at 12:00 ET - 1, touched a high of 3.8e-07, a low of 3.1e-07, and closed at 3.6e-07 at 12:00 ET. Total volume reached 5.85M with $0.205 turnover over 24 hours.

Structure and Key Levels

Price traded between strong support at 3.1e-07 and a failed resistance near 3.8e-07. A bullish engulfing pattern formed at 3.6e-07 around 09:30–10:00 ET but failed to hold. A key 5-minute doji emerged near 3.8e-07 at 10:45 ET, signaling indecision.

Moving Averages and Momentum

On 5-minute charts, the 20-period MA crossed below the 50-period MA during the morning session, suggesting bearish short-term bias. RSI hovered near 30 during the afternoon, indicating oversold conditions, though price remained below the 20-period MA.

Volatility and Bollinger Bands

Bollinger Bands contracted between 04:30–08:00 ET, followed by a sharp expansion and breakout at 09:30–10:00 ET. Price closed back into the band channel by midday, suggesting reduced short-term momentum.

Volume and Turnover Divergence

The highest 5-minute volume of 489,683 occurred at 14:45 ET, but price closed lower, showing bearish volume divergence. Turnover aligned with the largest candlesticks, indicating real trading pressure rather than wash trading.

Fibonacci Retracements

The 61.8% Fibonacci retracement level of the 3.1e-07 to 3.8e-07 move sits at 3.5e-07, which was tested and rejected during the morning. A 38.2% level at 3.6e-07 coincided with the 09:30–10:00 ET peak, failing to hold.

Over the next 24 hours, ZKBTC may test 3.5e-07 again as a potential support-turned-resistance level. Traders should remain cautious for a possible pullback after the failed breakout at 3.8e-07, especially if volume fails to confirm a new bullish bias.