On the world’s largest cryptocurrency exchange, a large whale dumped 200,000 BNB tokens worth $103 million. Despite facing such intense selling pressure, $BNB B broke above the 200-day exponential moving average (EMA), showing bullish momentum on the technical charts.

Market Selling Pressure The entire cryptocurrency market is experiencing extreme selling pressure as whales and the U.S. and German governments have continued to sell Bitcoin (BTC) in recent days. According to Wu Blockchain, on July 8, whale account “capybara_bnb” deposited 200,000 BNB tokens worth $103 million to Binance. This huge deposit has attracted widespread attention from investors and institutions.

Whale holdings Despite the massive sell-off, this whale still holds 2.046 million BNB tokens, worth $105 million. In addition to this, the market has also experienced significant sell-offs in other tokens, including 1,000 Bitcoins sold by the German government and 809 Bitcoins sold by a huge address "3G98jS". Such a large amount of token selling indicates that there is significant selling pressure in the market.

Market Sentiment The Cryptocurrency Fear and Greed Index has fallen to its lowest level since early 2023, showing the extreme fear in the market. However, if this selling pressure does not slow down, we may see more selling activity in the coming days.

BNB technical analysis and key support levels

Key Technical Levels Currently, BNB is holding key support at $500 and has broken above the 200-day exponential moving average (EMA) on the daily time frame. BNB price above the 200 EMA indicates that the asset remains in bullish territory.

Future Trend Forecast If BNB closes below the 200 EMA on the daily time frame and below the $500 support, BNB is likely to experience a massive sell-off and the price could dip to the $430 level, which is the downside A key support level.

Notably, the Relative Strength Index (RSI) is signaling a potential recovery, with the RSI sitting in oversold territory at press time. This suggests that despite the current selling pressure, BNB may rebound in the near term.