- BNB dropped below $600, printing a low near $583 as sell volume outweighed buy pressure across multiple sessions.
- Futures data shows net outflows and rising seller dominance, signaling reduced risk appetite among traders.
- RSI has entered oversold territory near 30, with $576 acting as key support and $632 as potential resistance if recovery begins.
Binance Coin has now printed lower lows for two straight sessions, and the tone has shifted quickly. As broader market selling picked up, BNB lost the $600 support level and slid toward $583 before attempting a modest bounce. Even that rebound felt hesitant.
In the process, BNB dropped below its short-term 9 and 21 moving averages, a signal that sellers remain in control. At press time, the token is trading near $598, down 2.7% on the daily chart. Structurally, the pressure is building rather than easing.
Panic Selling Spreads Across Spot and Futures
Once the $600 level gave way, panic selling intensified. Both spot and derivatives markets reacted almost immediately. The Buyer-Seller Strength Indicator on TradingView painted a clear picture: sellers dominated. Seller strength registered at 67.3, while buyer strength lagged at -32.7.
Volume confirms the imbalance. Over the past three sessions, sell volume has consistently exceeded buy volume. Roughly 6.28K in sell volume compared to 4.22K in buy volume. That gap isn’t subtle.
Seller strength even climbed above 70 for two consecutive days before easing slightly back to 67. Elevated readings like this often reflect capitulation behavior, where holders rush to close positions out of fear rather than strategy. Increased sell-side liquidity tends to amplify short-term volatility.
The derivatives side echoes the same story. According to CoinGlass, 24-hour inflows into BNB Futures hit $371.70 million, while outflows reached $394.54 million. That imbalance resulted in a negative netflow of -$22.84 million, a dramatic shift that suggests traders are reducing exposure.
Historically, when spot selling combines with futures deleveraging, extended downside phases can follow. Of course, one day doesn’t define a trend. But sustained pressure does.
RSI Signals Oversold, But Structure Remains Weak
Technically, BNB’s Relative Strength Index has dropped to 30, entering oversold territory. That level often signals exhaustion, at least temporarily. But oversold conditions alone don’t guarantee an immediate rebound.
Price remains below the 9 and 21 moving averages, reinforcing short-term bearish structure. Until BNB reclaims those levels convincingly, rallies may struggle to gain traction.
If current sentiment persists, BNB could remain pinned below $600, with $576 acting as the next key support zone. On the flip side, if selling pressure cools and buyers step in with real conviction, a daily close back above $600 could shift momentum. A push toward $632 resistance would then come into focus.
For now, Binance Coin is balancing at a critical threshold. The market has spoken loudly over the past two sessions. Whether that message continues, or begins to fade, will likely determine BNB’s next direction.
