Binance founder and former CEO Changpeng “CZ” Zhao’s release from a US federal prison on September 27 after a four-month sentence for money laundering violations has put BNB back in the spotlight. While some believe CZ’s release could spark a rally in BNB, others expect the performance to mirror the broader altcoin market.

BNB, like Bitcoin (BTC), has been stuck in a large range for several months, indicating indecision between bulls and bears. However, investors are optimistic about the long-term prospects of both Bitcoin and BNB.

The weekly chart of the BNB/BTC pair shows that recovery efforts have been met with sell-offs below the Fibonacci retracement level at 0.010 BTC. This suggests that market sentiment remains negative and traders are selling on the upside.

On the daily chart, the pair is trading in a wide range between 0.008 BTC and 0.010 BTC. A drop below 0.009 BTC could take the pair down to 0.0086 BTC. On the upside, the first resistance is at 0.0097 BTC, and breaking this level could retest the pair to 0.010 BTC.

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