BNB has continued its upward trend with a significant 7% surge over the last 24 hours, propelling the altcoin to a new all-time high.
At its intraday peak, BNB reached $1,083, marking a new all-time high (ATH) before experiencing a slight pullback. Despite this achievement, many traders remain wary, anticipating a potential dip in the near term.
BNB Traders Vie For Decline
Funding rates have hit a two-month low, indicating a significant change in trader sentiment. This drop signals an increase in short contracts, as market participants are betting against BNB despite its impressive rally. The rise in short positioning reflects doubts about the sustainability of the recent price increase.
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The bearish sentiment underscores a larger trend of profit-taking at these levels. Traders seem to be positioning for a correction, looking for BNB’s price to revert towards a critical psychological level. This growing bearish sentiment indicates that the market may be bracing for increased volatility in the coming days.
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On a macro level, the liquidation map highlights significant risks for bullish traders. Should bearish momentum drive BNB to $1,000, approximately $61 million in long contracts could be liquidated.
This potential wave of liquidations could undermine confidence among bullish traders. The fear of forced liquidations at $1,000 may prompt profit-taking before reaching that level, exerting additional downward pressure.
BNB Price Forms New High
As of now, BNB is trading at $1,052 after achieving a new ATH of $1,083 earlier today. The altcoin’s steady gains have maintained momentum, but the market is now at a crucial turning point. Support and resistance levels will be pivotal for the next move.
If bearish sentiment strengthens, the BNB price may dip to $1,000. Such a decline would trigger large-scale liquidations and reset bullish momentum, postponing any further rallies.
However, if bullish momentum continues, BNB could defy expectations and keep rising. A clean break above $1,083 would open the pathway to $1,100 and beyond. Sustained support from investors could negate bearish forecasts and push the altcoin to even higher record levels.
