Binance exchanges have been in the news in recent times. Before due to the SEC’s crackdown and now the ongoing correction of its native token, BNB. The correction followed after the BTC price dropped from the interim resistance of $29,100. It is noteworthy that the BNB price dropped below the 200-week MA, which has raised concerns over the token’s next plan of action.
Ever since the BNB price is facing extreme bearish pressure, the rounds of the exchange liquidating BTC they hold have been making huge rounds. Binance, the world’s largest crypto exchange, holds more than 500K BTC at the moment, with a robust infrastructure offering high liquidity. Now that the exchange has reportedly been selling BTC over the past few days to halt a further decline in the BNB price, one of the top analysts, Crypto Rover, suggests exiting all trades on Binance.
This may bring the entire crypto market to a standstill, as the recent drop has caused the BNB price to trade at some crucial levels. If the selling pressure mounts, then the prices are likely to fall off the cliff, leading to a fresh bearish wave within the crypto space.
The BNB price has entered a support zone that it has never visited in the past 14 months. Moreover, the price has dropped below the 200-week MA for the first time in its trading history, which is one of the biggest bearish signals. Therefore, if the BinanceCoin price fails to trigger a rebound at this phase, a plunge below $200 may drag the entire market close to its respective support levels.
Therefore, the current week is extremely important for not only BinanceCoin but also for the whole market. Hence, more stability and steadiness are expected from the BNB price, but the bears appear to hold a large dominance.
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