BNB Tests $654 Resistance as Geopolitical Tensions Stir Crypto Volatility
BNB has hit resistance near the $654 mark, struggling to break higher as global markets remain unsettled by rising geopolitical tensions between Israel and Iran.
According to CoinDesk Research’s technical analysis, BNB climbed past $650 but failed to maintain momentum, signaling potential market uncertainty. Meanwhile, the broader CoinDesk 20 Index traded mostly flat over the last 24 hours.
The recent weakness in BNB follows escalating rhetoric from former U.S. President Donald Trump, who has urged Iran’s “unconditional surrender,” labeling the nation’s leadership as “an easy target.”
On decentralized prediction platform Polymarket, traders are increasingly betting on a U.S. military strike in the Middle East, with odds rising to 61% for an attack before the end of the month and 69% if extended into next month.
Despite geopolitical concerns, sentiment in crypto markets remains cautiously optimistic, buoyed by the U.S. Senate’s recent approval of stablecoin legislation. Many view the regulatory progress as a potential turning point for the industry.
Additionally, sustained corporate interest in bitcoin continues to support demand, even amid heightened short-term volatility.
Technical Outlook for BNB
BNB’s price action reflects a tug-of-war between bullish accumulation and cautious selling:
- Over the past day, BNB traded in a 2.53% range, reaching a session high of $654 before retreating.
- A resistance barrier has formed around $653.5, where repeated breakout attempts have stalled amid rising sell pressure.
- Support is evident at $638, reinforced by the day’s highest trading volume, signaling notable buying interest.
- BNB dipped to an intraday low of $637 but has since rebounded, printing three consecutive higher lows that suggest the potential for a double-bottom pattern.
- Traders are watching for a sustained move above $654 to confirm bullish momentum, while a break below $637 could trigger a deeper pullback.
