Why Are Cryptocurrencies Falling? Latest Situation in Bitcoin and BNB

Cryptocurrency While the US market eased at the beginning of the week with the inflation data announced under expectations and interest rate hikes falling from 75 basis points to 50 bps, it faced selling pressure in the last days of the week. In this article, we will examine the latest situation in crypto’s largest Bitcoin and Binance’s native token BNB.

Bitcoin (BTC)

Leading cryptocurrency bitcoin With the positive news received during the week, it made an upward attempt from the $15.500-18.200 range, where it has been moving for 1.5 months. However, Powell’s hawkish statements and media reports that Binance CEO Changpeng Zhao was in trouble with US officials triggered the sale.

BTC It fell below $17,000 again, losing 6% in the last 2 days. It is among the possible scenarios that Bitcoin, which cannot overcome the critical 18,200 resistance, will test the $ 15,600 support again. However, according to the daily chart, if the critical resistance is somehow overcome, the $22,750 and $24,400 levels can be discussed.

Binance Coin (BNB)

Native token of the largest cryptocurrency exchange Binance Coin (BNB)ate larger sales due to the news of the investigation conducted in the US about Changpeng Zhao and the stock market.

BNB, which rose to $400 in the first days of November with Zhao’s intention to buy the FTX exchange, was withdrawn to $250 after the plan was canceled due to bankruptcy. BNB had a strong performance relative to other altcoins, surpassing $300 again in November.

BNB While it lost 10% of its value just the other day, it came very close to the $218 resistance in the morning hours today. If Binance Coin loses this level, it can fall as low as $190. On the upside, traders will follow the resistances at $242, $258 and $300, respectively.

$BNB is currently priced at $233.

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