BNB slips toward $850 as market pullback weighs on token
TL;DR
BNB price drops over 1.5% to around $850 amid broader market pullback, with traders expecting consolidation between $850-$870. A break above could target $900, while falling below $820 suggests deeper losses.
Key Takeaways
- •BNB price declined over 1.5% to approximately $850, influenced by broader market downturn including Bitcoin's pullback to $87,000.
- •Traders anticipate price consolidation between $850 and $870, with potential for movement toward $900 if the upper range is breached.
- •Market sentiment appears cautious, with volume spikes indicating defensive positioning rather than new risk-taking.
- •Despite price challenges, adoption continues with platforms like Kalshi adding BNB Chain support for deposits and withdrawals.
- •The broader crypto market, as reflected by the CoinDesk 20 index, also experienced losses of 2.5% over 24 hours.
What to know:
- The price of BNB has dropped over 1.5% over the past 24 hours to around $850.
- The decline comes amid a wider market drawdown, with bitcoin pulling back to the $87,000 level.
- Traders expect consolidation between $850 and $870, with a potential break above that range leading to a move towards $900.
- The price of BNB has dropped over 1.5% over the past 24 hours to around $850.
- The decline comes amid a wider market drawdown, with bitcoin pulling back to the $87,000 level.
- Traders expect consolidation between $850 and $870, with a potential break above that range leading to a move towards $900.
The price of BNB is hovering around the $850 mark after losing more than 1.5% of its value over the past 24 hours.
The token is down from a recent high near the $870 level, and comes alongside bitcoin's decline from above $90,000 to the $87,000 area on Tuesday morning.
Price action reflected that caution. After a brief push above $860 on strong volume earlier, selling pressure returned and capped gains. The wider market is nevertheless also affected, with the wider CoinDesk 20 (CD20) index, losing 2.5% of its value over the last 24 hours.
Volume spikes pointed to defensive positioning rather than fresh risk-taking, according to CoinDesk Research's technical analysis data model.
Not all signals were negative as adoption kept growing. Major prediction market Kalshi added deposits and withdrawals for BNB and stablecoins on the BNB Chain.
For now, traders see consolidation between $850 and $870. A clear break above that range could reopen calls for a move toward $900 later in the year, while a drop below $820 would suggest deeper losses.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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- Bitcoin was lower by a bit more than 1% to just below $88,000 on Tuesday.
- Crypto-related stocks were suffering far larger declines.
- Analysts suggest tax-loss harvesting and low liquidity are contributing to the action in crypto markets as the year ends.
- Some analysts remain cautiously optimistic about a potential rally, though significant recovery is not expected until liquidity returns in January.
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