BNB Slips Nearly 2% as Traders Cash Out After Run Higher

BNB fell nearly 2% over the past 24 hours as crypto traders rushed to lock in profits, with the token dropping to now trade around the $680 mark after briefly touching $700.

The slide mirrors broader market jitters after bitcoin BTC$91,465.05 surged to a record above $120,000, prompting a wave of profit-taking that brought the cryptocurrency back down to $116,000 at the time of writing.

The profit-taking trend also comes at a time in which inflation grew to 2.7% in June, as measured by the Consumer Price Index. It’s up from a 2.4% annual increase in May, according to the Bureau of Labor Statistics

For hours, BNB oscillated within a narrow $23 corridor, bouncing between $698.72 and $675.47, according to CoinDesk Research's technical analysis model. Buyers showed up near $675, helping stem the slide with a burst of volume exceeding 134,000 tokens traded as prices hit session lows. BNB has since clawed back some ground.

Technical signals remain mixed. A downtrend persists, capped by resistance at $690 to $695, a zone where earlier support has flipped into selling pressure.

Yet surges in trading activity hint at possible accumulation, as seen in a brief spike of over 1,600 tokens traded in a four-minute window. Various companies have indeed moved to adopt a BNB treasury reserve.

The volatility comes as BNB celebrates its eighth anniversary, a milestone that underscores its journey. It’s also recently undergone a $1 billion token burn.

BNB is also benefitting from BNB Chain joining the Ondo Global Markets Alliance to bring tokenized securities, which include U.S. stocks, ETFs, and funds, to its network.

Whether BNB can break above resistance, or sink lower if profit-taking continues, could shape sentiment for the broader crypto market in coming days.

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.