Market Overview for Bittensor/Bitcoin (TAOBTC) – 24-Hour Summary

• TAOBTC opened at 0.00313 and closed near 0.002756, with a 24-hour high of 0.003216 and a low of 0.002747.
• A sharp sell-off from 0.003156 to 0.002796 in the early hours indicated bearish dominance.
• Volatility spiked mid-day before narrowing near the close, showing reduced uncertainty.
• Volume increased significantly during the downward move, confirming bearish pressure.
• RSI and MACD show oversold conditions, hinting at potential short-term reversal.

Bittensor/Bitcoin (TAOBTC) opened at 0.00313 on 2025-10-10 at 12:00 ET and closed at 0.002756 by 12:00 ET on 2025-10-11. The pair reached a high of 0.003216 and a low of 0.002747 over the period, registering a total volume of 6,619.199 BTC and a notional turnover of $6,619.199 BTC. The price trend was predominantly bearish with intermittent bullish attempts.

Structure & Formations

The candlestick structure displayed a series of bearish engulfing patterns and long lower shadows in the morning session, signaling strong downward pressure. A large bearish candle at 18:45 ET marked a 61.8% Fibonacci retracement of the prior 15-minute rally, suggesting a key turning point. Price appears to be testing a short-term support zone near 0.002747–0.002756, with potential for a bounce if this level holds. No strong reversal patterns such as hammers or dojis were formed during the session, indicating a continuation of the bearish trend.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were bearishly aligned, with price consistently below both. The 50-period MA acted as a dynamic resistance during early bearish phases. On the daily timeframe, price is below all major moving averages (50, 100, 200), confirming a medium-term downtrend. The MA crossover on the 15-minute chart remains negative, with no sign of convergence yet.

MACD & RSI

The MACD line was deeply negative and remained below the signal line, with bearish divergence observed in the morning before a brief bearish crossover in the afternoon. RSI hit oversold levels near 25–30 in the late afternoon and evening, suggesting a potential short-term rebound. However, RSI divergence between price and momentum was not strong enough to confirm a reversal, keeping the bias bearish.

Bollinger Bands

Volatility was elevated in the early part of the session, with price fluctuating between the upper and middle Bollinger bands. A contraction in volatility occurred after 18:00 ET, narrowing the bands and signaling a potential consolidation phase. Price settled near the lower band at the close, suggesting bearish sentiment remains intact.

Volume & Turnover

Volume surged during the sharp decline from 0.003156 to 0.002796, with the largest 15-minute volume at 21:30 ET. This aligns with the largest price drop, confirming bearish momentum. Turnover also spiked during this period. However, volume and turnover declined toward the close, as price action stabilized near 0.002756. Divergences were not observed, implying that price and volume acted in tandem.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute swing from 0.003156 to 0.002796 showed key levels at 38.2% (~0.002947) and 61.8% (~0.002845). Price briefly bounced at the 38.2% level before continuing lower. On the daily chart, the 61.8% level of the larger 24-hour move has held near 0.002747, reinforcing it as a potential short-term support.

Backtest Hypothesis

The backtesting strategy involves entering long positions when RSI dips below 30 and price closes above a 50-period moving average on the 15-minute chart. A stop-loss is placed at the 61.8% Fibonacci level of the most recent bearish swing. Given the current conditions, TAOBTC may test the 0.002756–0.002747 support zone over the next 24 hours. If this level holds and RSI shows a bullish divergence, this strategy could generate a short-term reversal trade opportunity. However, the strong bearish momentum and declining volume may limit any immediate recovery.