Market Overview: Bittensor/Bitcoin (TAOBTC) - 24-Hour Technical Update

Summary
• Price declined from 0.003232 to 0.003097 on bearish volume expansion.
• 61.8% Fibonacci retracement aligns with a key support level at 0.003100.
• RSI shows oversold territory, suggesting potential short-term bounce.
• Volatility contracted briefly mid-session before a sharp drop.
• A doji near 0.003165 hints at indecision and possible reversal.

The pair opened at 0.00322 on 2026-01-11 12:00 ET, hit a high of 0.003232, and closed at 0.003097 by 2026-01-12 12:00 ET, with a low of 0.003081. Total volume was 628.01 BTC, and turnover reached $2.01M, reflecting a bearish session marked by strong selling pressure.

Structure & Patterns

The price action formed a broad descending triangle on the 5-minute chart, with 0.003100–0.003103 acting as a key support zone. A bearish engulfing pattern emerged around 19:45 ET, followed by a long-legged doji near 0.003165, signaling market indecision and possible short-term reversal.

Moving Averages and Momentum

A 50-period moving average on the 5-minute chart crossed below the 20-period line, confirming a bearish bias. Daily MA lines show a more neutral alignment, but the 5-minute divergence highlights short-term bear momentum. RSI reached oversold levels near 28, suggesting a possible rebound from current levels.

Volatility and Bollinger Bands

Bollinger Bands showed a narrow contraction mid-session, followed by a sharp expansion as price broke below the lower band after 20:00 ET. This breakout was accompanied by a spike in volume and notional turnover, reinforcing the bearish bias.

Volume and Turnover

Volume and turnover spiked after 19:30 ET and again after 20:30 ET, coinciding with major price declines. A divergence between price and volume was not observed, suggesting the bearish move is supported by conviction.

Fibonacci Retracements

The 61.8% retracement level on the 5-minute decline sits at 0.003100, which has so far held as a critical support. A break below this would signal a possible test of the next major Fibonacci level at 0.003081–0.003090.

Price may test the 0.003100 support in the next 24 hours, with a potential bounce if bulls take control. However, a sustained break below this level could lead to further downside. Investors should monitor RSI and volume for signs of exhaustion or renewed buying interest.