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Bitcoin (BTC) attracted investors’ attention as it climbed above $27,000, gaining momentum in the cryptocurrency market. This development also encouraged a rise in Binance Coin (BNB), with BNB recording a 4% increase from its lowest level of $205.
Selling Pressure on BNB
Despite recent gains, BNB continues to trade below $220, expanding its range formation. The $205 support level has been crucial for bulls over the past two months. The buying power at this level has limited the selling pressure and kept BNB within a price range.
Furthermore, buyers have seen price recoveries from this level. However, the $225 resistance level has consistently hindered further gains for buyers. With the current bullish trend in the market, BNB buyers can take advantage of exerting pressure for sustainable upward movement. A price consolidation above $220 can provide the platform needed to push the $225 resistance level even higher, towards $235 to $240.
BNB Price Future
On the other hand, different rejections in the cryptocurrency market could maintain the current range formation and expand the bearish market structure for BNB. Data from analytical firm Coinalyze shows a lack of confidence among participants in the derivatives market towards the bullish trend. Despite the price surge, open positions (OI) have decreased by $4 million in the past 24 hours.
Similarly, the funding rate for BNB has turned negative in the past 48 hours. This indicates that there is a dominance of short-position investors willing to pay long-position investors. Additionally, it implies that many futures traders are leaning towards a bearish sentiment at the time of writing. However, the continued rally of BTC could assist BNB buyers in the short term.
While Binance Coin maintains stability at the $205 support level, it is consolidating without surpassing the $225 resistance. Participants in the cryptocurrency derivatives market are reducing their open positions due to doubts about the bullish trend. The negative funding rate, which reflects BNB’s struggle with bearish expectations, reflects investors’ short-term concerns. The rise of BTC can impact BNB’s price movement.
