Market Overview for Bittensor/Bitcoin (TAOBTC)

Summary
• Price tested key resistance near 0.002915 before pulling back toward 0.002890.
• Volume surged during the 20:00–21:45 ET window, confirming a short-term bullish breakout attempt.
• RSI showed overbought conditions briefly, while Bollinger Bands expanded, indicating rising volatility.
• A potential bearish engulfing pattern formed near 0.002915–0.002895.
• Turnover peaked at ~$0.25M during the afternoon ET push, aligning with the price high.

The TAOBTC pair opened at 0.002872 on 2026-01-16 at 12:00 ET, reached a high of 0.002928, fell to a low of 0.002860, and closed at 0.00289 at 12:00 ET on 2026-01-17. Total volume was ~130.36 BTC, with notional turnover of ~$0.37 million.

Structure and Formations

Price tested resistance near 0.002915 several times, particularly after the large-volume candle at 20:30 ET, which closed at 0.002928. A short-lived bearish reversal pattern emerged after this high, with a bearish engulfing candle forming between 0.002915 and 0.002895. A key support level appeared at 0.002890–0.002895, where the price found repeated bids and consolidation.

Technical Indicators

RSI climbed into overbought territory during the mid-evening ET push, peaking near 75, but quickly pulled back as selling pressure increased. MACD crossed into bullish territory before 21:00 ET, but a bearish crossover followed soon after. Bollinger Bands widened significantly during the breakout attempt, suggesting a period of heightened volatility. The price closed near the middle band, suggesting indecision.

Volume and Turnover

Volume spiked during the 20:00–21:45 ET window, confirming the short-term bullish momentum. The largest 5-minute candle (21:30 ET) had a volume of 126.6453 BTC and a close at 0.002928. Turnover mirrored this, with a peak at ~$0.25 million during this period. A divergence appeared in the final hours of the 24-hour window, where volume decreased while price remained range-bound, suggesting reduced conviction.

Fibonacci Retracements

Applying Fibonacci to the swing high (0.002928) and the swing low (0.002860), the price found support at the 61.8% level (~0.002890) and bounced off it twice. A potential retest of this level could confirm its strength, or break below it to target the 50% level (~0.002885). A break above 0.002915 could re-engage the 38.2% retracement at 0.002908 for further momentum.

Looking ahead, traders may watch for a retest of the 0.002890–0.002895 support zone, as well as the 0.002915 resistance. A breakout above 0.002915 could reignite bullish momentum, but a failure to hold above 0.002890 may open the door to a deeper pullback. Investors should remain cautious of increased volatility and consider hedging short-term positions.