Market Overview for Bittensor/Bitcoin (TAOBTC)

• Price dropped from 0.002773 to 0.002658 over 24 hours, with a bearish bias in the latter half.
• Volume surged near 0.002742 during midday, but faded during the overnight bearish move.
• RSI dipped below 30 by close, suggesting oversold conditions with possible short-term bounce potential.
• A bullish reversal pattern is forming near 0.002658–0.002662, but key support at 0.002648 remains untested.
• Volatility expanded during the selloff, with price closing near the lower Bollinger Band.

Bittensor/Bitcoin (TAOBTC) opened at 0.002755 on 2025-10-08 12:00 ET, reaching a high of 0.002773 and a low of 0.002658 before closing at 0.002675 on 2025-10-09 12:00 ET. Total 24-hour volume was 868.4219, and notional turnover was calculated at approximately $2.34 million based on average prices.

The candlestick formation from 19:15 ET to 19:45 ET (191500–194500) showed a strong bearish engulfing pattern at 0.002762–0.002731, signaling a shift in momentum. Price action then consolidated between 0.002731 and 0.002744 before resuming a downtrend overnight. A doji near 0.002676 in the early morning hours suggests hesitation from sellers.

Structure & Formations

Key support levels formed at 0.002658, 0.002648, and 0.002635, with 0.002676 acting as a short-term pivot. A potential bullish hammer formed at 0.002658–0.002664 around 12:45 ET, hinting at a possible bounce. Resistance levels appear at 0.002685 and 0.002705, though bears have shown strength in the last 24 hours.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs both moved lower, confirming a downward trend. On the daily scale, the 50- and 200-period SMAs appear to be converging at 0.002680–0.002690, forming a potential bearish crossover zone. Price is currently below both, indicating bearish control.

MACD & RSI

The MACD remained in negative territory, with a narrowing histogram suggesting easing bearish momentum. The RSI dipped below 30 by close, indicating oversold conditions and potential for a short-term rebound. However, divergences between RSI and price suggest caution in reading oversold levels as a reversal signal.

Bollinger Bands

Volatility expanded significantly during the selloff, with price closing near the lower band at 0.002658. A contraction in band width was observed earlier in the day before the breakdown. Price remains within the bands but has shown a bias toward the lower channel.

Volume & Turnover

Volume spiked during the bearish breakdown at 0.002742–0.002731, reaching a peak of 53.16 BTC. Overnight, trading activity declined, suggesting reduced conviction in the move lower. The final hour of the 24-hour window saw modest buying pressure at 0.002658–0.002675, which could be a short-term reversal signal if confirmed.

Fibonacci Retracements

Applying a Fibonacci retracement to the 24-hour range (0.002773–0.002658), key levels at 38.2% (0.002719) and 61.8% (0.002684) may offer resistance if a retracement is attempted. A retest of the 0.002658 level could confirm 61.8% as a potential short-term base.

Backtest Hypothesis

Given the observed price behavior, a potential backtest strategy could involve entering long positions at or near the 61.8% Fibonacci level (0.002684) if price stabilizes and breaks back above 0.002685, with a stop-loss placed below 0.002658. A target for the first wave of buyers could be set near 0.002705, aligning with the 38.2% retracement and previous consolidation zones. This approach leverages the observed bearish exhaustion and Fibonacci support levels.