Bittensor [$TAO] was one of the altcoins that saw a sizeable drawdown in the past 24 hours. Down nearly 7% in a day, $TAO has seen red each day since Monday, the 7th of September.
The Open Interest has declined 14.3% in 24 hours, and the spot CVD has also been falling since Monday. The indicators showed a lack of spot and derivatives demand. If this trend continues, $TAO could have five consecutive days of losses.
This streak of losses was a blow for the bulls and has come after the altcoin reached a 3-month high of $277 after going live on Raydium.
Can the buyers shake off the momentary lull and drive another rally? Or do these short-term losses mark a momentum shift for $TAO?
Bittensor falls short of $300 once again
In April 2025, the Bittensor weekly chart registered a swing low at $167.8. In February 2026, this swing low was breached by a weekly candle close at $163.2, confirming a bearish swing structure.
The $142.8 and $377.8 swing points are the ones to watch on the weekly timeframe. The $291.6 is also an important level that, if breached, could lead to some short- to medium-term gains.
The RSI on the weekly timeframe was at 49 to show neutral momentum, but the OBV has been in a steady downtrend since October to reflect bear market conditions.
A bullish recovery would be underway once the $377.8 swing point is broken. On the way there, the $300 psychological round number is also a critical supply zone to keep an eye on.
Traders’ call to action- Expect more drawdown
Despite the rally from below $200 to nearly reach $280 in recent weeks, the price structure remained bearish. The $291.6 high from June loomed large, just below an important supply zone at $300.
To overcome these resistance levels, Bittensor needs aggressive, sustained demand. This kind of demand might not arrive if Bitcoin faces another price slump after an inability to hold on to the $80k mark that BTC displayed recently.
Swing traders and investors can wait for a price dip to $190 to buy the altcoin in anticipation of yet another bullish $TAO reaction.
Final Summary
- $TAO saw a 7% price decline in the past 24 hours and an Open Interest slump of just over 14%.
- The weekly structure was bearish, and the bulls remained incapable of seizing the $300 level as support to drive a true recovery.