The cryptocurrency market is under pressure once again after Ethereum’s recent surge, negatively affecting altcoins including Bittensor.
Current Cryptocurrency Market Status
The broader cryptocurrency market is experiencing a pullback following Ethereum's rise to multi-year resistance at $3,940, which subsequently dropped to $3,825. This dip has created negative sentiment across many altcoins.
Fractal Analysis of Bittensor
On the daily chart, Bittensor is forming a promising structure with a familiar pattern resembling an inverse head-and-shoulders observed in late 2024. This past structure led to a 104% rally.
Outlook for Bittensor
Currently, Bittensor is maintaining support above the 50-day moving average at $372. If a breakout above the resistance level occurs, it could target near $1,000—projecting a 116% upside.
The current state of Bittensor requires close observation. Maintaining support at $372 could indicate further growth, while a breakdown below this level may shift the sentiment to bearish.
