Binance Coin Price Outlook: Will BNB Hit $600 or Drop to $576?
- Resistance Test: BNB must reclaim $600 for a potential short-term rebound.
- Support Level: $576 acts as critical support if selling pressure continues.
- Market Sentiment: Spot selling and Futures outflows signal sustained bearish momentum.
Binance Coin — BNB, has faced increased selling pressure over the past few sessions, testing key support levels. The token dropped below $600, hitting a low near $583 before a minor rebound. Traders are now watching closely to see if BNB can reclaim $600 or if $576 will come into play as the next critical support. Market signals suggest heightened volatility, making February a crucial month for BNB price action.
Panic Selling Intensifies Across Spot and Futures Markets
BNB’s decline below $600 triggered panic across Spot and Futures markets, pushing selling momentum higher. Data from TradingView’s Buyer-Seller Strength Indicator showed clear dominance by sellers. Seller strength reached 67.3, while buyer strength hovered at -32.7, highlighting the imbalance. Over three consecutive sessions, sell volume consistently outpaced buy volume, with 6.28K in sell volume compared to 4.22K in buy volume.
These trends point to sustained market pressure and weakening investor confidence. Further evidence comes from the derivatives market. Futures flows indicate persistent net outflows, with $394.54 million leaving versus $371.70 million in inflows. This created a negative net flow of $22.84 million, marking a sharp 3191% decline. When Futures outflows surpass inflows, traders often reduce exposure and retreat from high-risk positions.
Historically, combined Spot selling and Futures deleveraging have preceded extended downward phases, emphasizing caution for short-term traders. The altcoin’s Relative Strength Index also reflects the bearish trend. RSI fell into oversold territory at 30, confirming the downward momentum. Meanwhile, BNB remains below its short-term 9- and 21-day moving averages, reinforcing the prevailing short-term weakness.
Key Levels: $600 Resistance vs $576 Support
Despite recent losses, BNB still has potential upside if selling pressure eases. Reclaiming $600 will require a daily close above this level, along with increased buying activity. If buyers return, BNB could target the next resistance near $632, signaling a potential short-term rebound. Technical indicators suggest that recovery is possible, but it depends on reduced selling and renewed market confidence.
On the downside, $576 serves as a critical support level. If BNB continues under $600 and selling persists, traders may test this lower threshold. Sustained weakness below $576 could signal a more extended correction, prompting caution among short-term investors. Monitoring order books, trading volumes, and derivatives flows will provide valuable insight into how the token reacts near this support.
For now, BNB traders must balance short-term opportunities with risk management. The combination of spot and Futures data shows heightened volatility, meaning quick movements can occur in either direction. Both technical analysis and market sentiment suggest that BNB’s February performance will hinge on whether bulls can stabilize prices above key resistance or if bears push toward $576 support.
