Affected by the governance turmoil, TAO is under short-term sentiment pressure and investor confidence is fragile. Currently, 250 serves as a key technical support and 267 as the resistance for rebound; if 250 holds and 267 is broken, a move up to 280 is possible. Otherwise, a retracement risk to 237 cannot be ruled out. Although the project’s allocation mechanism raises some concerns about value realization, institutions like Grayscale are accumulating at lows, and main market players are building high-leverage positions, providing medium-term price support. It is recommended to focus on the price action in the 250–267 range and the moves of whales. Conservative investors may consider entering long positions in batches within the 245–250 range, adding more after breaking 267, with a stop-loss below 237.

Recently, the withdrawal of TAO Network’s core subnet Covenant AI and token sell-offs by core developers have exposed the project’s centralized governance risks, triggering doubts about its commitment to decentralization. This event led to an intraday drop of over 20%, accompanied by heavy selling pressure, significantly weighing on short-term sentiment and dampening investor confidence.

TAO's price dropped over 9% in 24 hours to $292.7, with its market value falling to $3.211 billion. Decentralized AI training team Covenant AI announced its exit from the Bittensor network, accusing core member Jacob Steeves (Const) of betraying decentralization. Covenant AI's founder Sam Dare revealed Const's actions against their team, including halting token emissions and imposing economic pressure through token sell-offs. Covenant AI criticized Bittensor's governance as a "decentralization theater," claiming Const controls decisions unilaterally.

TAO fell more than 9% in 24 hours, with its market cap dropping to $3.211 billion.

The TAO token of Bittensor dropped over 20% to around $273 following the exit of Covenant AI, citing governance issues and fears of centralization. Covenant AI's departure and token liquidation triggered a sell-off, worsening market sentiment and causing leveraged investors to liquidate positions, accelerating the decline. TAO is now testing support between $250-$263, with recovery above $280 needed for bullish momentum, while risks remain high amid ongoing governance concerns.

TAO Token of Bittensor Tumbles by 20% Post Governance Conflict Triggers Sell-Off in Market

Bittensor ($TAO), a leading decentralized AI project, faces a major crisis as top developer Covenant AI, after training a 72B parameter model, abruptly exited, accusing founder Jacob Steeves of authoritarian control and arbitrary token reward cuts. This exposed the "impossible triangle" of decentralized AI: balancing model scale, trustless decentralization, and aligned incentives. The incident triggered a sharp $TAO price drop and raised doubts about true decentralization in DeAI governance.

The Collapse of $TAO: Insights from the Infighting in Bittensor on the "Impossible Triangle" of DeAI.

A Bittensor developer sold 37,000 TAO tokens and left the network, causing TAO's price to drop 25%. An analyst outlines three potential scenarios for TAO: recovery, sideways movement, or a breakdown toward $143. Key price levels and governance issues are highlighted as critical factors influencing the token's future.

A Bittensor Developer Dumped 37,000 TAO Crypto and Quit the Network: Is the Governance Crisis Just Getting Started?

From the daily chart, TAO has been in continuous decline after hitting a high of 338 in late March. On April 14, it found effective support near 237 and then rebounded, but the move is currently constrained by resistance in the 260–267 zone. If the 250 support holds and 267 is breached, a challenge to the 280 level is possible. Otherwise, there is a risk of retesting the 245–250 support range and possibly 237.

Bittensor (TAO) price dropped over 5% to around $242 amid internal turmoil following the departure of its largest subnet, Covenant AI, which criticized the network's decentralization. Despite a bullish crypto market and high open interest of $400 million, the token remains sensitive to price swings. The controversy caused a 20% price drop, with key support at $230 and resistance at $250. Bittensor's market cap is about $2.62 billion, with daily volume near $376 million.

Bittensor (TAO) Price Drops 5% as Open Interest Stays High

Well-known traders in the market have already configured high-leverage long positions in TAO and other major assets. Meanwhile, Grayscale has launched a TAO Trust and institutional holdings are increasing, indicating an intention to accumulate on dips. Whale and institutional accumulation provides demand support to post-correction prices and helps stabilize the medium term.

Trader Loracle has increased their 7x leveraged CL short position to $19.76 million and added a 5x leveraged TON long position. They also hold long positions in BTC, NEAR, LIT, TAO, PAXG, and ENA, with a total value exceeding $47.17 million.

Trader Loracle increased short positions on CL to $19.76 million, with total long positions exceeding $47.17 million.

Bittensor (TAO), a decentralized AI network token, declined 3.54% to $251.92 amid sector volatility and a major subnet operator's exit. Despite a short-term bearish trend, TAO remains above key support levels and aligned with Bitcoin's performance. Institutional interest persists, with Grayscale launching a TAO Trust and significant stakes by Digital Currency Group affiliates. Controlled supply and growing utility suggest potential recovery opportunities amid ongoing market challenges.

Bittensor (TAO) Extends Losses—Why Smart Money Is Watching Closely

On April 15, a whale with address starting 0x687 opened BTC long positions with 40x leverage as BTC dipped below $74,000, increasing the position to $14.82 million at an average price of $73,929 and liquidation price of $63,666. The same address also leveraged long positions in ETH, TAO, AAVE, and four other cryptocurrencies, aiming to profit from price increases. The total holdings amount to $24.5 million with a current unrealized profit of about $27,000.

Major bulls continuously open long positions in BTC and six other major cryptocurrencies, totaling $24 million.

Some argue that most of the funds raised by TAO are used to support development rather than directly benefiting token holders, causing some investors to question the realization of the project's value. In addition, overall sector volatility has intensified short-term sentiment divergence. However, with the recovery of major assets such as Bitcoin and continued institutional attention, the long-term potential value remains to be gradually unlocked.

Most of the capital invested in TAO will ultimately subsidize development activities that do not return value to token holders.

TAO is Elon Musk who invested in OpenAI, and Subnet is Sam Altman.

This week in crypto, RaveDAO ($RAVE) led gains with a 1,000%+ rally following a US-Iran ceasefire, though technicals suggest caution due to overbought conditions. Siren ($SIREN) rebounded 65%, and Zcash ($ZEC) rose 50% to a multi-month high. On the downside, World Financial Liberty ($WLFI) dropped 18.58% after breaking support, Bittensor ($TAO) fell nearly 14% amid structural concerns, and Algorand ($ALGO) declined 13.57% in a short-term pullback. Overall, the market showed volatility with mixed sentiment.

Crypto market’s weekly winners and losers – RAVE, ZEC, WLFI, TAO

Bittensor

It’s not a given that the European Central Bank’s next move on interest rates will be a hike, according to Governing Council member Martins Kazaks.

Kazaks: Will not oppose bets on two interest rate hikes this year

Waller: Rapid resolution of the Middle East situation may allow for interest rate cuts later this year.

Waller: Overall PCE inflation year-over-year in March may reach 3.5%

The Federal Reserve's Waller expressed caution regarding interest rates, warning of the risks of prolonged warfare.

Fed's Daly: Rates May Remain Unchanged

Daly: The federal funds rate is slightly above the neutral level of 3%.

UBS Expects 50 bps Fed Rate Cuts as Gov Miran Downplays Inflation Risks

Federal Reserve's Daly: On hold regarding interest rates.

Easing tensions in the Middle East combined with rising expectations of interest rate cuts have pushed gold close to $4,900.

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Live chart for Bittensor to USD conversion. Check out TAO to USD prices in real time. Convert, buy, sell, and trade Bittensor on Bybit-eu.

Bittensor Price: TAO Live Price Today | TAO Market Cap & Chart Analysis | Bybit-eu

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TAO price today is 253.78, with a live price change of 0.92 in the last 24 hours. Convert, buy, sell and trade TAO on Bybit-eu.

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