Binance Coin (BNB) Hits 6-Month Low as Bitcoin (BTC) Struggles at $26K (Market Watch)
The past 24 hours have been challenging for Binance Coin (BNB) as it experienced another significant drop, reaching a six-month low at just over $220. Bitcoin (BTC), on the other hand, attempted to recover and test the $26,000 level but faced resistance and was unable to break through, at least temporarily.
The overall market performance during the past week has been unfavorable, starting with the US Securities and Exchange Commission (SEC) filing a lawsuit against Binance, causing BTC to decline from $27,000 to $25,500. The SEC continued its legal actions by suing Coinbase, which added further pressure on Bitcoin's price.
Despite these setbacks, Bitcoin managed to stage an impressive rebound, surging by $2,000 to reach $27,400. However, this upward momentum was short-lived as BTC faced resistance and retraced towards the $26,500 level, where it remained for the following days.
Another market correction occurred on Friday night and Saturday morning, leading to a drop in Bitcoin's price to $25,500. The weekend brought further volatility, with BTC attempting to reclaim the $26,000 level but encountering difficulties in doing so, at least for the time being.
While some altcoins, including ADA and MATIC, have seen rebounds, BNB has struggled significantly, hitting a multi-month low amid market turbulence.
The current market conditions indicate that both BNB and BTC are facing challenges, with BNB experiencing notable losses and Bitcoin encountering resistance at the $26,000 level. The upcoming days will be crucial in determining whether these cryptocurrencies can regain their strength and overcome the recent market pressures.