Bittensor (TAO) Price Crosses $300 To Mark 2-Month High As Bulls Reign Supreme

Bittensor (TAO) crossed $300 on March 20 for the first time since January, surging more than 17% in 24 hours after Nvidia CEO Jensen Huang referenced the protocol’s Covenant-72B model on the All-In Podcast. TAO is trading at approximately $292–$297 as the session consolidates just below the $299 Fibonacci extension.

The move is not purely sentiment-driven. Two months of improving buying pressure are now resolving at the price level where the heaviest concentration of leveraged short positions sits. The result is a technically and fundamentally reinforced breakout attempt.

TAO Holders Are Pouring Money

The Chaikin Money Flow (CMF) on TAO just crossed above 0.0, printing a current reading of +0.02 as of March 20. This is the first positive CMF reading since the October 2025 rally, when TAO briefly reached the $480 range. This was before a prolonged selloff drove it to lows near $142 in early February 2026.

During that decline, CMF fell as deep as approximately -0.30, reflecting sustained capital outflows across December 2025 and January 2026. The recovery from those lows has been gradual, with CMF slowly grinding back toward zero through February and early March.

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TAO CMF. Source: TradingView

A CMF crossing above zero indicates that net buying volume is now outpacing selling volume on a per-candle basis. Historically, on this chart, the three prior crossings of CMF above zero — in April 2025, July 2025, and October 2025 — each preceded a meaningful price advance, followed by a subsequent correction. The current crossing, therefore, carries structural significance beyond the single-session move triggered by the Nvidia catalyst.

For the signal to hold, CMF will need to sustain positive readings on the next 2-day closes. A reversal back below zero would suggest the breakout was a liquidity event rather than a trend shift.

TAO Traders Are Bullish

The Coinglass liquidation map for TAO/USDT perpetuals over the past 30 days shows the most concentrated short liquidation cluster in the chart, sitting directly above the current price. Between $300 and $313, multiple overlapping bars of 50x leveraged short positions reach cumulative totals approaching the chart’s $17.71 million threshold marked by the dashed horizontal line.

This positioning creates a mechanical feedback loop. As TAO moves through $300, those short positions are force-liquidated. Furthermore, the buying required to close them adds further upward pressure. The effect is compounded by the density of the cluster — the liquidation bars in the $304–$313 range are among the tallest in the 30-day window. This suggests a significant number of traders shorted TAO’s recent recovery.

XRP Liquidation Map. Source: Coinglass

Meanwhile, the cumulative long liquidation leverage at $262 sits at $13.46 million, a level already well below the current price. Those long liquidations have largely been absorbed, removing the downside trigger pressure that existed earlier in March. The asymmetry is now skewed upward: far more leveraged capital sits above the current price waiting to be liquidated.

TAO Price Is In For a Rise

At the moment, TAO’s price has recovered from a low of approximately $172 in early March. This rise came after TAO rallied through every Fibonacci extension level in sequence. The 0.618 level at $221 was cleared around March 12. The 1.0 extension at $269 was cleared on March 14, and the price found support above the 200-day EMA at $268 before the Nvidia-driven push began.

TAO is now testing the 1.236 Fibonacci extension at $299. The steep ascending trendline from the March lows continues to guide price higher, with the 50-day EMA at $218 and 200-day EMA at $268 both now acting as support below.

A confirmed daily close above $299 opens the 1.5 extension at $333 as the next measured target. This represents approximately 12% additional upside. The 1.618 extension at $348 follows, aligning with the $360–$370 zone identified as major resistance.

TAO Price Analysis. Source: TradingView

On the other hand, invalidation hinges on the 1.0 Fibonacci level at $269 and the 200-day EMA at $268. A close below that zone would indicate that the Nvidia catalyst failed to produce a lasting structural change. TAO would then likely consolidate between $242 and $270 before the next directional move.

The Grayscale Bittensor ETF application pending with the SEC represents a longer-term institutional catalyst that has not yet been priced in. However, if regulatory approval progresses, it would substantially widen the buyer pool for TAO beyond retail and AI-narrative traders.