Binance Coin’s Descent: $600 or $576? Only the Gods Know

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Binance Coin (BNB) took a rather ungraceful stumble down the price ladder, like a drunkard’s waltz, closing at lower lows for two days straight. The market, it seems, is throwing a party for sellers and forgetting to invite buyers.1

The token broke below the $600 support, printing a low near $583 before a mild rebound that could be described as “optimistic” if you’re feeling generous. In doing so, BNB fell beneath its short-term 9 and 21 Moving Averages, reflecting sustained bearish pressure-like a disco ball in a coal mine.2

At press time, BNB traded at $598, down 2.70% on the daily chart. One might say it’s performing the economic equivalent of a mime falling off a unicycle.

Binance Coin: Panic sellers overwhelm the market

After BNB lost $600, panic spread across both Spot and Futures markets like a rumor in a medieval village. The decline accelerated, as if the coin had suddenly discovered gravity and decided to embrace it wholeheartedly.3

The Buyer-Seller Strength Indicator on TradingView showed clear seller dominance. Seller strength printed 67.3, while buyer strength stood at -32.7. One might say the buyers are not just shy-they’re hiding under a rock somewhere in the Andes.4

Over the past three sessions, sell volume consistently exceeded buy volume. Sell Volume stood near 6.28K versus 4.22K in Buy Volume. A ratio so lopsided, it could make a teeter-totter weep.5

Coupled with that, Seller’s Strength rose above 70 and remained at these levels for two days before a slight drop to 67 at press time. The continued rise in these indicators suggested increased sell-side liquidity-like a flood in a desert.6

With the market weakened, more holders have capitulated and closed their positions, fearing more losses. It’s the crypto version of “abandon all hope, ye who enter here,” but with more graphs.7

On the derivatives side, Futures flows showed persistent net outflows. According to CoinGlass data, 24-hour inflows reached $371.70 million, while outflows climbed to $394.54 million. That shift set up a negative Futures Netflow of -$22.84 million, marking a 3191.12% decline. For context, this is like trying to fill a bathtub with a teaspoon while the drain is open during a hurricane.8

When Futures outflows dominate inflows, traders typically reduce exposure amid shrinking risk appetite. It’s the financial equivalent of wearing a life jacket to a pool party.9

Historically, combined Spot selling and Futures deleveraging have aligned with extended downside phases. However, confirmation depends on sustained pressure rather than a single-day spike. Like a bad joke-it needs repetition to land.10

Can BNB bulls hold $600?

Binance Coin further slipped and held below $600 amid intensified selling pressure. As a result, the altcoin’s Relative Strength Index (RSI) fell deeper into the bearish territory at 30, closing into the oversold zone. One might say it’s now in the “desperate for attention” phase of its life cycle.11

With the RSI at such extreme lows, it validated the prevailing downside momentum, largely driven by intense selling pressure. It’s like watching a snowman in a sauna-only the sauna is the market, and the snowman is your portfolio.12

At the same time, the altcoin fell below its short-term moving averages, the 9- and 21-MAs, further confirming the short-term bearishness. If these sentiments persist, BNB could remain below $600, with $576 as critical support. However, if short-term sell pressure cools, BNB will see a daily close above $600 and flip $632 resistance. A tale of two prices, as dramatic as a soap opera but with fewer plot twists.13

0, Sellers: 100.

5 Volume ratios so sad, even a vending machine would refuse service.
6 Liquidity: because drowning in metaphor is optional.
7 Capitulation: when your coin says “I give up” in all caps.
8 Netflows: the financial version of a black hole.
9 Risk appetite: now with 30% less confidence.
10 History: repeating itself like a broken record.
11 Oversold: a fancy way of saying “over the edge.”
12 Snowman sauna: not a real thing… yet.
13 Tale of two prices: because crypto is just a soap opera with better graphs.

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2026-02-23 19:03