BNB Eases by Nearly 2% Amid Profit-Taking After Its Upward Surge

BNB Marks Eighth Anniversary as Token Slips Nearly 2% Amid Market Profit-Taking

BNB has dipped nearly 2% in the past 24 hours, slipping to around $680 after briefly reaching $700, as traders moved swiftly to lock in profits.

The decline follows broader market turbulence sparked by bitcoin’s rapid climb to a new record above $120,000, before pulling back to $116,000 as investors cashed out gains.

Adding to the cautious mood, U.S. inflation data revealed that the Consumer Price Index rose to 2.7% in June, up from 2.4% in May, according to figures from the Bureau of Labor Statistics.

BNB spent much of the session trading within a tight $23 band, fluctuating between $698.72 and $675.47, based on CoinDesk Research’s technical analysis model. Significant buying interest emerged near $675, where a surge in trading volume exceeding 134,000 tokens helped BNB rebound modestly from its lows.

Technical indicators present a mixed outlook. BNB remains in a downward trend, encountering resistance between $690 and $695—a zone where previous support has transformed into selling pressure.

Yet flashes of heightened trading activity hint at possible accumulation. A notable burst saw over 1,600 tokens traded in just four minutes, and several firms have reportedly adopted BNB as part of their treasury reserves.

The price action comes as BNB celebrates its eighth anniversary, reflecting on years of development in the crypto space. Recently, the token also completed a major $1 billion burn, shrinking its circulating supply.

Additionally, BNB is poised for growth following BNB Chain’s inclusion in the Ondo Global Markets Alliance, a partnership aimed at bringing tokenized securities like U.S. stocks, ETFs, and funds to its network.

Whether BNB can overcome the resistance zone or face deeper losses if profit-taking persists will be crucial in shaping sentiment across the crypto markets in the coming days.