In 2023, Binance Coin Surrenders All Gains and Bears Look Set to Prevail

Binance Coin gave up all the 2023 gains and some more. The bearish momentum is set to continue.

Binance Coin: Bearish Momentum Persists as It Relinquishes 2023 Gains

In 2023, Binance Coin (BNB) has endured a challenging year, surrendering all the gains it had accumulated. The outlook remains bearish, with significant implications for the cryptocurrency market.

The BNB/USD chart paints a clear picture of Binance Coin’s journey in 2023. The year started on a positive note as Bitcoin surged from $16k to $30k, sparking enthusiasm in the cryptocurrency market. This positive momentum influenced several other cryptocurrencies.

However, as Bitcoin faced strong resistance at the $30k level and entered a consolidation phase, other coins didn’t fare as well. They faced a sharp decline, primarily due to the strengthening US dollar.

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A combination of the US dollar’s resurgence and a loss of faith in many cryptocurrencies led to this pronounced selloff. If even Bitcoin, the last stronghold, were to relinquish its 2023 gains, the cryptocurrency market could experience a substantial downturn.

Therefore, all hopes are pinned on Bitcoin and a potential reversal of the US dollar’s strength.

Binance Coin (BNB) continues to exhibit bearish patterns, indicating ongoing downward pressure. The currency briefly touched the $300 mark during Bitcoin’s rally, but it struggled to maintain these levels. Notably, a triangular pattern emerged (highlighted in red on the chart), often signaling a complete reversal of the 2023 upward move.

Furthermore, when BNB/USD dipped to the $200 area, it failed to mount any significant rebound. Instead, the market formed two continuation patterns, suggesting the potential for another downward leg.

Should the $200 support level be breached, BNB/USD may experience further declines in line with the bearish patterns. A shift in momentum would likely require a rally in Bitcoin or a reversal of the US dollar’s recent gains.

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