Bittensor (TAO) briefly crossed $205 on August 12 before retreating toward $200, extending its recovery from the August lows without confirming a breakout. Futures open interest approaching $300 million implies traders are building positions, but capital flowing out and a weak trend mean the move has not attained conviction levels and is yet to broaden. TAO was trading at around $199.65, down 0.95% after reaching $205.56 earlier today. The daily rally briefly carried the price above $203.75, but it could not stay there. Even after the price fell, however, TAO remained above $195.01, leaving the recovery intact for now. Buyers still need a daily close above the $204–$206 area, and if they get it, $220 would become the next level on the chart. Below the current price, $195 is doing most of the work – losing that level would put TAO back under the middle Bollinger Band, with the lower band at $186.27 offering the next reference. Other indicators also did not paint a positive picture, with the Chaikin Money Flow (CMF) at -0.06, showing that capital flows remained slightly negative. The strength of the trend was also limited, with the Average Directional Index (ADX) at 19.40, with readings in the 20s and 30s normally associated with a more established trend.
Data from CoinGlass showed TAO futures open interest was approaching $300 million as of August 12. Rising open interest shows that traders are adding positions but does not say whether those positions are predominantly bullish or bearish.
Funding shows something more interesting about this setup. TAO’s open-interest-weighted funding rate was near 0.006%, indicating that long-position holders were paying shorts.
That could make the next move sharper. Above the range, attention would turn to $220; below it, $186 remains the main downside level.
