Binance Coin closed at lower lows for two consecutive sessions as market-wide selling intensified.
The token broke below the $600 support, printing a low near $583 before a mild rebound. In doing so, BNB fell beneath its short-term 9 and 21 Moving Averages, reflecting sustained bearish pressure.
At press time, BNB traded at $598, down 2.70% on the daily chart.
Binance Coin: Panic sellers overwhelm the market
After Binance Coin [BNB] lost $600, panic spread across both Spot and Futures markets, accelerating the decline.
The Buyer-Seller Strength Indicator on TradingView showed clear seller dominance. Seller strength printed 67.3, while buyer strength stood at -32.7.
Over the past three sessions, sell volume consistently exceeded buy volume. Sell Volume stood near 6.28K versus 4.22K in Buy Volume.
Source: TradingView
Coupled with that, Seller’s Strength rose above 70 and remained at these levels for two days before a slight drop to 67 at press time.
The continued rise in these two demand- and supply-side indicators suggested increased sell-side liquidity. As such, with the market weakened, more holders have capitulated and closed their positions, fearing more losses.
On the derivatives side, Futures flows showed persistent net outflows.
According to CoinGlass data, 24-hour inflows reached $371.70 million, while outflows climbed to $394.54 million.
That shift set up a negative Futures Netflow of -$22.84 million, marking a 3191.12% decline.
Source: CoinGlass
When Futures outflows dominate inflows, traders typically reduce exposure amid shrinking risk appetite.
Historically, combined Spot selling and Futures deleveraging have aligned with extended downside phases. However, confirmation depends on sustained pressure rather than a single-day spike.
Can BNB bulls hold $600?
Binance Coin further slipped and held below $600 amid intensified selling pressure. As a result, the altcoin’s Relative Strength Index (RSI) fell deeper into the bearish territory at 30, closing into the oversold zone.
With the RSI at such extreme lows, it validated the prevailing downside momentum, largely driven by intense selling pressure.
At the same time, the altcoin fell below its short-term moving averages, the 9- and 21-MAs, further confirming the short-term bearishness.
If these sentiments persist, BNB could remain below $600, with $576 as critical support. However, if short-term sell pressure cools, BNB will see a daily close above $600 and flip $632 resistance.
Final Summary
- Binance Coin fell below $600, touched a low of $583, then slightly rebounded at press time.
- BNB investors across spot and futures markets panicked, strengthening downside momentum.
Source: https://ambcrypto.com/binance-coin-can-bnb-reclaim-600-or-is-576-next/
