BNB traded below $591 on Thursday, extending its losing streak to a third consecutive week. The move came as rising geopolitical tensions weakened demand for risk assets across global markets and pushed money toward defensive positions.
According to the source material, Donald Trump indicated that the conflict involving Iran could last into late April and might escalate further. That shift quickly changed market tone. Demand for the US dollar strengthened, oil prices moved higher, and both equities and cryptocurrencies turned lower, with BNB staying under pressure through the session.
Bitcoin’s drop below $67,000 added to pressure on BNB
The broader crypto market moved in the same direction. Bitcoin slipped under $67,000, and BNB followed that decline closely. The price action showed that digital assets were still reacting strongly to macro-driven sentiment rather than token-specific developments.
Derivatives positioning backed that cautious view. Coinglass data showed BNB’s long-to-short ratio at 0.80, a reading near a monthly low. That level suggested traders were leaning more heavily toward short positions, with the market still pricing in additional downside risk.
Price remains under major averages as momentum stays weak
Technically, BNB was trading around $590 while holding below its 50-day, 100-day, and 200-day exponential moving averages. Those averages remained above spot price, keeping the bearish structure intact. Repeated failures to reclaim them left sellers in control.
Momentum indicators also stayed soft. The Relative Strength Index hovered in the mid-30s, while MACD remained below the zero line. There was no clear signal from these indicators that the correction had already run its course.
$570 support and $697 resistance now define the range
On the downside, the immediate level in focus is $570, which marked the February low. A break beneath that area could accelerate the decline and open the way toward $500, a level likely to draw close attention because of its psychological importance.
On any rebound attempt, resistance sits near $697, where descending moving averages are clustered. The source noted that only a sustained move above that zone would shift sentiment and bring the next resistance near $790 into view. Until then, BNB remains in a technically weak position.