- Bitcoin remains under pressure amid continued outflows of capital:

The decline in retail investor participation in Bittensor continues, with the average open interest in futures contracts at $223 million on Tuesday, down from $239 million the previous day. While open interest briefly rose to $357 million on June 15 amid intense activity in derivatives, the subsequent liquidation of long positions confirms the prevailing lack of confidence in Bittensor's ability to maintain its upward momentum.

Open interest information for Bittensor futures | Source: CoinGlass
Bittensor's price is trading around $217, maintaining a short-term downtrend, with the price below a dense cluster of exponential moving averages (EMAs). The 50-day EMA is at $247, the 100-day at $253, and the 200-day near $267, all above the dynamic resistance level, reinforcing the broader bearish trend characterized by the descending resistance trendline extending toward the $291 zone.

Market momentum appears mixed, as the Moving Average Convergence Divergence (MACD) indicator is just above the zero line on the daily chart, indicating a waning bearish pressure. Conversely, the Relative Strength Index (RSI), around 41 on the same chart, reflects weak buying interest rather than a clear bullish reversal.

Daily chart of TAO/USDT pair
The initial resistance level is at the middle band of the Bollinger Bands at around $227, with additional hurdles at the 50-day EMA near $247, and the 100-day EMA at $253. A sustained breakout above the 200-day EMA around $265 is required to challenge the overall downtrend and reveal the descending trendline near the $291 zone. Conversely, support is expected at the psychological level of $200, followed by the lower Bollinger Band, currently near $181, which represents the next significant demand zones in case of increased downward pressure.
$TAO