Market Overview for Bittensor/Bitcoin (TAOBTC): 2025-10-07

• Price declined from 0.002788 to 0.002769 amid fading momentum and declining volume.
• A bearish engulfing pattern emerged at 0.002776, signaling short-term downward pressure.
• Volatility contracted in late ET hours, with price hovering near the Bollinger Band midpoint.
• RSI entered oversold territory near 30, hinting at potential near-term support.
• Notional turnover spiked during key pullbacks, indicating increased participation at lower levels.

The Bittensor/Bitcoin (TAOBTC) pair opened at 0.002707 (12:00 ET - 1), reached a high of 0.002833, and closed at 0.002769 at 12:00 ET, with a low of 0.002726 during the session. Total volume amounted to approximately 685.18, and notional turnover totaled 1.916. Price action showed a bearish bias throughout the day, with a key bearish engulfing pattern appearing around 0.002776 and a failed attempt to retest key resistance above 0.002812.

Structure & Formations

Price action revealed a clear bearish bias over the last 24 hours, with a bearish engulfing candle forming near 0.002776 as a key short-term reversal signal. A notable support level formed around 0.002769–0.002771 following a consolidation phase late in the session. Resistance appears to be in the 0.002812–0.002833 range, where price failed to hold multiple times. A doji candle appeared briefly at 0.002782, indicating indecision during a pullback.

Moving Averages

On the 15-minute chart, the 20-period moving average crossed below the 50-period, forming a death cross and reinforcing bearish momentum. The 50-period MA appears to act as a dynamic resistance, with price repeatedly bouncing off it before resuming its decline. No clear daily crossover occurred, though the 50- and 200-period MAs suggest a longer-term neutral-to-bullish outlook, which contrasts with the recent bearish bias.

MACD & RSI

The MACD remained in negative territory, with the histogram shrinking as momentum faded, suggesting a potential near-term reversal. RSI hit oversold levels near 30 at the end of the session, a sign that further declines could be limited in the short term. While the RSI has not yet shown a bullish divergence, the narrowing MACD histogram and RSI’s proximity to 30 hint at a possible bounce from key support levels.

Bollinger Bands

Bollinger Bands showed a period of contraction late in the session, suggesting a potential breakout or reversal. Price has remained near the mid-band for much of the session, indicating a lack of strong directional bias. The upper band sits around 0.002815–0.002833, while the lower band is now near 0.002769–0.002771. A close above the upper band could signal renewed bullish intent, while a break below the lower band would validate bearish control.

Volume & Turnover

Volume remained inconsistent throughout the session, with a noticeable spike during key pullbacks into 0.002769–0.002771, confirming that buyers were active in this range. Notional turnover also increased in the same area, aligning with volume and suggesting accumulation may be occurring at these levels. However, the lack of sustained buying pressure above 0.002804 indicates that the bears are still in control.

Fibonacci Retracements

Applying Fibonacci retracements to the key swing from 0.002726 to 0.002833 shows 0.002776 as the 61.8% retracement level, which aligns with the bearish engulfing pattern. The 38.2% level sits around 0.002804, where price previously failed to hold. Short-term Fibonacci levels on the 15-minute chart also point to support near 0.002769–0.002771 as critical for near-term stability.

Backtest Hypothesis

The identified bearish engulfing pattern and RSI entering oversold territory suggest a potential short-term bounce from 0.002769–0.002771. A backtest hypothesis could be designed to trade a long entry on a close above the 61.8% Fibonacci level at 0.002776, with a stop-loss below the 0.002763–0.002766 range and a target at 0.002804. This would align with the observed accumulation and RSI divergence. A short trade could also be triggered on a break below the 38.2% retracement level at 0.002763, with a stop above 0.002776 and a target at 0.002744.