Bittensor Price Plummets 7% Amid Bearish Indicators and Lack of Demand

Bittensor's price plummeted by nearly 7% in the past 24 hours, marking its third consecutive day of losses. The altcoin's open interest dropped 14.3% in the same period, and spot CVD has been declining since Monday. This trend suggests a lack of demand for both spot and derivatives.

The recent drop in price is a blow to the bulls, who had hoped to drive another rally after Bittensor reached a 3-month high of $277 following its listing on Raydium. However, if this trend continues, TAO could experience five consecutive days of losses.

On the weekly chart, Bittensor's price structure remains bearish, with a swing low at $167.8 in April 2025 being breached by a weekly candle close at $163.2 in February 2026. The RSI on the weekly timeframe is neutral, but the OBV has been in a downtrend since October.

The bulls' inability to hold onto the $300 level as support raises concerns about the altcoin's recovery prospects. A bullish reversal would require Bittensor to break above the $377.8 swing point, which could lead to short- to medium-term gains.