Bittensor (TAO) trades near $230 as of writing on Friday, up more than 13% in the past 24 hours as a resilient cryptocurrency market surges despite the jitters around the US-Iran war.

The latest uptick in the artificial intelligence-related token's price pushed TAO to its highest level in over six weeks.

Notably, the surge to intraday highs of $235 is the highest level since January 29, 2026.

In addition to Bittensor, other AI-focused cryptocurrencies that also soared include Render (RENDER), which rose nearly 20% to $1.84; Artificial Superintelligence Alliance (FET), up 22% to $0.19; and Internet Computer (ICP), which increased by about 8% to $2.73.

The AI token is up amid Bitcoin's climb to $72,000 in early trading on March 13, with bulls boosted by US Treasury Secretary Scott Bessent's announcement on authorizing purchases of stranded Russian oil at sea to ease energy pressures.

The US is taking these steps as investors worry about surging oil prices and the impact on inflation as geopolitical strains from the US/Israel-Iran conflict enters a third week.

Key to concerns is disruptions at the Strait of Hormuz, which saw oil prices spike to near $120 earlier in the week.

Bessent's comments emphasized a temporary measure for oil already en route, aiming to stabilize global supply without aiding Russia significantly.

Bitcoin rose as traders reacted to the news, with this sentiment cascading into altcoins.

Investor jitters remain, with Iran's new Supreme Leader Mojtaba Khamenei, warning in a Thursday speech that the Strait of Hormuz, which handles about 20% of global oil, would stay closed.

Khamenei threatened that Iran could open new war fronts if the conflict continues.

Revolutionary Guard Navy Commander Alireza Tangsiri echoed this sentiment via social media, vowing "harshest blows" against aggressors.

Meanwhile, users on prediction market Kalshi suggest overall concern about recession, with odds rising to 32% for 2026.

Technically, Bittensor price is showing bullish strength on the daily chart, with the current price above both the 50-day and 100-day simple moving averages.

RSI and MACD indicators give bulls the upper hand.

Buyers are looking to strengthen momentum after an ascending triangle breakout around $198.

If buyers extend intraday gains, a close above $238 could allow for a retest of the $300-$315 range.

On the downside, TAO boasts key support at $215 and below this, $174.

This bearish picture could worsen if Bitcoin retreats and the pullback plunges altcoins.

According to analysts at Glassnode, a key on-chain metric suggests the recovery may not sustain.

“A hallmark of bear markets: STH Supply in Profit falling below 50%, meaning the majority of recent buyers are underwater,” Glassnode posted on X. “Demand-side risk appetite tends to remain suppressed until this flips back above 50%. Watch this level as a precondition for any sustained recovery,” they added.

The post Bittensor price forecast as TAO surges amid fresh crypto bounce appeared first on Invezz

Bitcoin price in Telegram @btc_price_every_hour

75 +