Binance Coin Loses All 2023 Gains and More: Bearish Momentum to Continue
The cryptocurrency market has seen the US dollar’s strength have a negative impact, with Binance Coin (BNB) being one of the victims. BNB has not only given up all its gains from 2023 but has also experienced further losses, leading to a bearish outlook for the coin. As Bitcoin faced resistance at the $30k level and consolidation, other coins, including BNB, experienced sharp declines due to the strength of the US dollar and loss of faith in cryptocurrencies in general. If Bitcoin also gives up its gains for the year, the cryptocurrency market could witness another major selloff.
At this point, all hopes are pinned on Bitcoin and a reversal in the strength of the US dollar. The future performance of BNB/USD largely depends on whether Bitcoin rallies and the US dollar loses its momentum.
BNB/USD Forming Bearish Patterns
The BNB/USD chart reveals the formation of bearish patterns. After reaching the $300 area during Bitcoin’s rally, BNB/USD was unable to sustain those levels and formed a triangle pattern, which typically indicates a potential reversal of a trend. This reversal pattern suggests a complete reversal of the gains made in 2023. Furthermore, when the price dropped to the $200 area, there was no significant bounce, and instead, the market formed two continuation patterns.
If the $200 level is breached, there is a high probability that BNB/USD will experience another leg down, considering the bearish patterns. Only an upward rally in Bitcoin or the reversal of the US dollar’s strength can potentially halt the bearish momentum for BNB/USD.
BNB/USD chart by TradingView
The continuing bearish momentum for Binance Coin (BNB) suggests that the losses it has experienced in 2023 could extend further. As Bitcoin and the US dollar’s performance remain key factors in the cryptocurrency market’s direction, investors need to closely monitor any potential reversals or rallies to determine the future trajectory of BNB/USD.
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