Bittensor [TAO] Holds Steady Despite Bitcoin's 4.5% Dip
1min read Bittensor [TAO] has maintained a bullish market structure over the past ten days, with the range formation’s high at $373 serving as a key short-term resistance level. Despite Bitcoin [BTC]’s recent 4.5% dip from $98k to $93.5k, tao has remained relatively stable, unlike many other altcoins that were shaken by the price movement. At the time of reporting, TAO was consolidating under the $373 resistance level, with bulls successfully defending the $336 support over the past ten days. This short-term range formation provides traders and investors with an opportunity to prepare for the next price move.
TAO’s price action over the past month has been encouraging. The Fixed Range Volume Profile, which maps heavy trading zones, showed the Point of Control (PoC) near $357, a level that TAO keeps revisiting. The 20 and 50-period moving averages indicated a bullish momentum flip, which was also evident from the price action surging past the $270 level to flip the swing structure bullishly. A strong rally to $373 followed, reaching the 61.8% Fibonacci retracement level. Meanwhile, the On-Balance Volume (OBV) slowly trended higher over the past ten days while the price consolidated around $357, signaling bullish sentiment. A breakout past $373 would indicate that Bittensor is ready for a rally to the Value Area High at $480.
However, the four-hour chart presented a different story. On the H4 chart, the OBV was not trending higher but formed a range over the past two weeks, resembling the price’s range formation in recent days. This signals less short-term buying pressure than the daily chart suggests. The moving average lines crisscrossed without a clear direction, highlighting the lack of a trend from TAO. The range formation between $336 and $373 was clearer on the 4-hour chart, with the PoC at $357 defended as support, which could see a 4.5% bounce to retest $373-$375.
The liquidation heatmap of the past month highlighted the build-up of liquidation levels at the $380-$390 region. This liquidity cluster could be swept before Bittensor bulls face rejection, potentially followed by a price pivot southward in search of the liquidity at $318-$330. However, if BTC can stay above $95.7k in the short term, it could set the stage for a breakout move toward the $480-$500 region. In that context, TAO would need to see increased demand as well. Traders should expect a rally but also be prepared for a potential liquidity hunt to $380.
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