• BNB’s price prospects above the $300 psychological level remain uncertain as BTC drops below $26.6k.
• Short-sellers may extend gains beyond the range low of $304 if the range low cracks.
• If BTC reclaims its previous support level, bulls could defend the range low of $304 and rally to mid-range or range high.
BNB Price Prospects Above $300 Level Unclear
The price prospects of Binance Coin (BNB) above the $300 psychological level remain unclear as Bitcoin (BTC) continues to drop below the key resistance level of $26.6k. On Balance Volume (OBV), Relative Strength Index (RSI), and Coinglass‘ liquidation data have all indicated elevated selling pressure on BNB in recent times, suggesting that short-sellers might push prices lower beyond the current range low of $304 if it cracks.
US Debt Talks and BTC Options Expiry Could Cause Volatility
The ongoing debt talks in the US and massive Bitcoin options expiry on May 26th could contribute to more volatility in the market over the weekend, likely resulting in choppy movement either way. However, should Bitcoin manage to reclaim its previous support at $26.6k, bulls may be able to defend against further losses by rallying towards either mid-range or range high prices for BNB.
Long Positions Wrecked Amidst Bearish Pressure
In light of bearish pressure from Bitcoin’s decline, long positions worth around $139k were destroyed while only short positions worth approximately $115 suffered losses according to Coinglass’ liquidation data over a 4 hour period. This suggests that sellers are likely to continue pushing prices lower below current ranges should they break through it.
Futures OI Rates Remain Low After Price Drop Below 320
In addition, futures open interest rates for BNB have remained under 320 million since mid-May after prices dropped below 320 levels as well – suggesting that any recovery is unlikely unless BTC manages to reclaim its previous support at 26.6k levels once more in order for buyers to regain confidence and increase demand for BNB significantly enough for such a recovery effort to be successful..
Conclusion: Monitor BTC Movement Closely For Best Results
Ultimately, monitoring movements with regard to Bitcoin closely will be key in determining whether sellers can extend their gains past current ranges or whether buyers will be able to successfully defend them – ultimately influencing where Binance Coin stands above/below 300 marks at this time tomorrow or even later today!