Bitcoin (BTC) price is pushing towards $71,000, while popular altcoins have turned upward. Most altcoins have turned green. The return in the leading cryptocurrency is exciting altcoin investors, and if the momentum continues, many cryptocurrencies could reach all-time highs.
BNB Coin Commentary
BTC price shows a weakening demand for labor in the US with JOLTS data falling short of expectations. Weak labor demand is something the Fed desires in a high inflation environment. The clear effects of monetary tightening, while economic growth figures are not too bad, are accelerating the inflow of hot money into risk markets.
Before the Fed meeting, unemployment rate and wage growth data will be released on Friday. With the hope from the JOLTS data, investors expect these to also favor risk markets. Meanwhile, BNB Coin price reached $674 for the first time since November 2021.
BNB Coin Price Prediction
BNB Coin price is trading at $667 at the time of writing. The $635 resistance zone has been tested for three months and has now been surpassed. If BNB Coin bulls remain strong in the current region, we could see BNB Coin price surpass $691.8. After this peak seen in mid-2021, BNB price had dropped to as low as $182.
SEC investigation, CFTC lawsuit, and most recently the US Department of Justice investigation saw Binance clear most of its issues by paying billions in fines last November. CZ recently set out to serve a 4-month prison sentence for the mistakes he overlooked. In about 4 months, CZ will have served his sentence and will start with a clean slate.
The $674 resistance, which was a tough barrier in November 2021 and sent the price below $200, could be surpassed in the coming days. Thus, after the peak in May 2021, it will aim to break the all-time high for a new ATH. The new peak, likely between $700 and $900, will depend on the intensity of investors’ desire to take profits.
BTC is hovering around $70,666, so for now, BNB Coin price is strong, but it could quickly drop below $635 if sudden selling starts.
