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BNB Price Climbs in Strong Rebound as Trump-Musk Spat Uncertainty Fades
The rebound comes amid fading uncertainty surrounding a public feud between Donald Trump and Elon Musk, as well as improving fundamentals on the BNB Chain.
Jun 9, 2025, 4:16 p.m.
What to know:
- BNB has staged a comeback after a market downturn rising over 4% from its weekly low and 0.7% in the last 24 hours to around $657.
- The rebound comes amid fading uncertainty surrounding a public feud between Donald Trump and Elon Musk, as well as improving fundamentals on the BNB Chain.
- BNB is currently facing resistance at $657, with a critical pivot point at $654, and traders are awaiting the release of US inflation data on Wednesday for cues.
BNB, the native token of the Binance ecosystem, staged a swift comeback after a jolt of market turbulence rattled the broader crypto market.
The coin rose more than 4% from this week’s low and is up around 0.7% in the last 24 hours, reversing from a dip to $631 to around $657 after forming a textbook V-shaped recovery pattern, according to CoinDesk Research's technical analysis data model.
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The rebound came as the uncertainty associated with a flare-up between U.S. president Donald Trump and Tesla CEO Elon Musk that triggered a sell-off for risk assets started fading.
BNB Chain’s fundamentals have been improving. Daily active users jumped 26.4% to 1.2 million, while revenue in Q1 2025 grew 58% from the previous quarter to $70.8 million, according to a Messari report.
Technical charts show BNB hit resistance around $657 after heavy buying at the $650 level. A critical pivot now lies at $654, with traders eyeing U.S. inflation data, due to be released this Wednesday, for cues on the next move.
Meanwhile, Binance is leaning into innovation. Its June 9 hackathon opened new tracks in decentralized science and physical infrastructure.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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