Bittensor Tumbles 7% After Reaching Three-Month High

Bittensor's price has taken a hit in recent days, dropping nearly 7% in the past 24 hours. This decline follows a rally that saw the altcoin reach a three-month high of $277 after going live on Raydium.

The Open Interest has declined by 14.3% over the same period, and spot CVD has been falling since Monday. Indicators suggest a lack of demand in both spot and derivatives markets, which could lead to five consecutive days of losses if this trend continues.

A look at the weekly chart reveals a bearish swing structure, with a breach below $377.8 potentially leading to short- to medium-term gains. However, a bullish recovery would require breaking through this level, and overcoming the psychological resistance around $300.