TLDR
- BNB price dropped below $910 as Bitcoin fell under $90,000, triggering widespread liquidations across crypto markets
- Open interest in BNB perpetuals decreased 19% this month while funding rates turned negative at -0.0019%
- Technical indicators show persistent downtrend with lower highs and lows, though RSI suggests potential bullish divergence
- Binance linked to $28 billion in illicit crypto activity over two years according to international investigation
- Former Binance CEO Changpeng Zhao received controversial presidential pardon from Trump after serving four-month prison term
BNB traded around $908 on November 17, marking a 2.6% decline for the day as broader cryptocurrency markets faced continued selling pressure. The token briefly touched $888.51 during Asian trading hours, reaching its lowest point in the past 24 hours.
The price movement followed Bitcoin’s drop below $90,000, which liquidated over $130 million in long positions within a single hour. The total cryptocurrency market capitalization fell to approximately $3 trillion, representing a $1 trillion decrease from recent peaks.
BNB’s correlation with Bitcoin throughout this market cycle meant the selling pressure hit both assets simultaneously. The broader market has been shedding an estimated $27 billion daily since October 6, with highly leveraged positions at 50x to 100x multiplying the risk of cascading liquidations.
Technical Structure Shows Persistent Weakness
Derivatives data revealed troubling signals for BNB traders. Open interest across BNB perpetual contracts dropped nearly 19% this month, indicating speculators are rapidly exiting positions.
Funding rates turned negative at -0.0019%, confirming that short positions have become the dominant force in current BNB to USD trading. This shift suggests traders expect further downside movement in the near term.
TradingView charts displayed a series of weak bounces during the Asian session. Each recovery attempt was capped below short-term moving averages, particularly the 30MA and 50MA, both pointing downward alongside Bitcoin’s decline.
The token’s market capitalization continued falling while 24-hour trading volume jumped considerably. This combination typically indicates intensified selling pressure as more traders rush to exit positions.
Technical analysis revealed a sequence of lower highs and lower lows over recent weeks. This pattern confirms a persistent downtrend that has kept BNB under pressure throughout the month.
Key Support Levels Under Watch
Crypto trader Cryptorphic highlighted that BNB continues holding a structurally important support area between $900 and $925. Despite heavy red candles across the market, the Relative Strength Index shows higher lows, creating a classic bullish divergence pattern.
The trader noted that while price action looks heavy, momentum indicators are quietly improving beneath the surface. A breakout above the local trendline could potentially flip momentum back to the upside.
However, the invalidation level sits at $880. A decisive break below this point would weaken the structure and could open the door for deeper declines.
On-chain data from Santiment shows BNB’s 200-day moving average remains the critical line to watch. While intraday volatility has been violent, this longer-term indicator is flattening rather than collapsing entirely.
Short-term moving averages clustering under the 200MA suggest compression rather than a full trend breakdown. This could set up for a directional move if Bitcoin finds stability at current levels.
The exchange has faced increasing scrutiny following an international investigation. Reports from the International Consortium of Investigative Journalists revealed Binance was linked to at least $28 billion tied to illicit activity over the past two years.
The investigation, covered by the New York Times, indicated this money came from hackers, thieves, and scammers. Criminal organizations, including North Korean cybercriminals, have reportedly used crypto exchanges to launder funds.
Former Binance CEO Changpeng Zhao, known as CZ, received a presidential pardon from Trump after serving a four-month prison term. The pardon has raised questions about potential pay-to-play allegations in connection with a $2 billion deal between Binance and an Emirati fund.
BNB currently trades at $903, down 18% for the month according to CoinGecko data.
The post Binance Coin (BNB) Price: Token Drops Below $910 as Market Volatility Continues appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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