As Bitcoin remains steady above the $109,000 mark, Binance Coin (BNB) has recorded its fifth consecutive day of gains, sparking renewed optimism among traders. With a more than 6% rise in the past week, BNB’s short-term rally could be setting the stage for a push toward the key psychological level of $700.
Binance Coin Price Analysis
On the daily chart, BNB has shown a strong recovery after briefly dipping below the $637 support last week. The altcoin reversed its 4.42% drop from Thursday and closed Tuesday at $673 — its highest level in the past seven days. Currently trading at $672 with a slight intraday pullback of 0.21%, BNB’s price action suggests ongoing bullish sentiment.
Notably, the presence of long lower wicks on recent candles signals strong demand at lower price levels. Technical indicators further reinforce this outlook: the MACD is on the verge of a bullish crossover, and weakening negative histogram bars suggest waning bearish momentum. Meanwhile, the Relative Strength Index (RSI) has climbed above the neutral 50 level, indicating strengthening bullish pressure.
Unless BNB closes below $665, the path of least resistance appears to favor a continued rally toward $700.
BNB Derivatives Data Reflects Growing Confidence
The BNB derivatives market has mirrored this bullish shift. According to CoinGlass, open interest in BNB has surged over 4% to reach $761.27 million, highlighting increased trader participation. The funding rate has climbed to 0.0034%, reflecting heightened optimism among long-position holders.
Further bolstering this outlook is the long-to-short ratio, which remains above 1 — signaling a greater proportion of bullish bets. Liquidation data also reveals a bias toward short positions: $385,000 in shorts were liquidated in the last 24 hours, compared to just $137,000 in longs.
Outlook
With strong technical indicators, rising derivatives interest, and overall bullish market sentiment, BNB appears poised for a potential breakout. If the upward momentum continues, breaching the $700 level could become a near-term reality. However, traders should remain cautious of any dips below $665, which may trigger a retest of the $637 support zone.
Also Read: Pi Network Eyes Major Exchange Listings: Binance & Coinbase on the Horizon?
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
