- Binance FUD impacted an already-wounded crypto industry this past week.
- BNB’s price has climbed more than 7% over the last 24 hours.
- Investors will most likely turn their attention to BTC and ETH.
Just when the crypto market attempted to move on from the downfall of FTX, a fresh round of FUD relating to Binance ignited. The price of Bitcoin (BTC) displayed some strength this past week, while the price of Ethereum (ETH) dropped over the last week. Binance’s native coin, Binance Coin (BNB), experienced the biggest slump over the last week.
BNB’s price dropped by as much as 20% over the last 7 days. The crypto market tracking website, CoinMarketCap, shows that BNB’s price has recovered, however, as its price is up more than 7% over the last 24 hours.
It is believed that the circulating FUD surrounding the largest crypto exchange in terms of trading volume will be the last major blow that the crypto market will have to endure in this bear cycle.
With the latest blow to the crypto market, investors and traders may drop the belief that we are in an altcoin season, or that one will start in the near future. Should this happen, crypto traders and investors may turn their focus back to the two crypto market leaders, Ethereum (ETH) and Bitcoin (BTC). This should ignite a price rally within the two coins’ prices.
BTC’s price may drop to the next support level at around $12,800 in this bear market before making a recovery. Should this support level fail to hold, then the market leader’s price will drop to around $10,000.
Should bulls show themselves in the upcoming 2-3 weeks, then BTC’s price will make a move towards the next resistance level at $21,076.34. Upon flipping this level into support, BTC’s price will target $23,000.
If the FUD surrounding Binance persists this coming week, then BTC’s price is at risk of dropping to the aforementioned $12,800 support level. If the FUD is indeed the final blow to the crypto market, then BTC’s price will make a move to $21,076.34 or consolidate for a few weeks at the very least.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
