Binance Coin closed lower for two consecutive sessions as market-wide selling intensified. The token broke below the $600 support, hitting a low near $583 before a mild rebound to $598, reflecting sustained bearish pressure and a drop below key moving averages.
Binance Coin experienced intensified selling pressure, closing at lower lows for two consecutive sessions. The token broke below the $600 support, printing a low near $583 before a mild rebound.
At press time, BNB traded at $598, marking a 2.70% decline on the daily chart. This movement placed the token beneath its short-term 9 and 21 Moving Averages.
After losing $600, panic spread across both Spot and Futures markets, accelerating the decline. The Buyer-Seller Strength Indicator on TradingView showed clear seller dominance with a reading of 67.3 versus -32.7 for buyers.
Sell volume consistently exceeded buy volume over three sessions, standing near 6.28K versus 4.22K. 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.
On the derivatives side, Futures flows showed persistent net outflows. According to CoinGlass data, 24-hour outflows of $394.54 million exceeded inflows of $371.70 million.
This shift resulted in a negative Futures Netflow of -$22.84 million, a 3191.12% decline. Historically, combined Spot selling and Futures deleveraging have aligned with extended downside phases.
The altcoin’s Relative Strength Index fell deeper into bearish territory at 30, closing into the oversold zone. This validated the prevailing downside momentum driven by intense selling pressure.
If these sentiments persist, BNB could remain below $600, with $576 as critical support. However, a daily close above $600 could allow a test of the $632 resistance level if short-term sell pressure cools.
