Bitcoin has surged back to the $69,000 benchmark, stirring volatility in the cryptocurrency market. Although the flow data for ETFs is pending, the week has been tumultuous for crypto investors, with the SEC injecting fresh pessimism into market sentiment. Concurrently, Binance Coin (BNB) is displaying resilience, attracting buyers at $574, even as Bitcoin’s price swings cast a shadow over other cryptocurrencies.
Steady Transactions Suggest Enduring BNB Interest
BNB Coin’s transaction volume has shown consistency since late February 2024, indicating sustained network interest despite fluctuating prices. January saw BNB at $313, escalating to approximately $640 by mid-March. Among the top altcoins by market capitalization, BNB’s annual growth is outpaced only by NEAR, BCH, and TON. An analysis of on-chain metrics may offer insight into BNB’s potential price trajectory.
The number of daily BNB transactions has remained robust, suggesting investor engagement with the network is unwavering. However, with the relative strength index (RSI) retreating from overbought territory, there’s a possibility that the recent price hike may not be sustainable over an extended period.
BNB Coin Aiming for Record Highs
The fluctuation in Bitcoin prices has prompted market imbalances, yet BNB Coin’s positive momentum is indicated by shorter-term moving averages overtaking the longer-term ones, hinting at an uptrend. Should the momentum be maintained by BNB bulls, the coin might witness a steady rise, looking to break past the $645 resistance and aiming for a new all-time high.
On the flip side, should Bitcoin’s pullback intensify, BNB could rapidly descend to a major support level at $497. The intersection of Friday’s macroeconomic figures and the outcome of the Coinbase case will provide clearer market direction in the days to come. As the cryptocurrency landscape braces for potential downturns, investors are advised to exercise caution and judiciously position their stop regions. Meanwhile, Bitcoin has made a modest recovery from its daily nadir, presently trading at $69,400.
