Cryptocurrency market surges post-Bitcoin Halving: Bitcoin breaks $66,000, setting positive tone.
Binance Coin (BNB) shines: 5% jump in 24 hours, 93.56% YTD growth.
BNB price bullish: Eyes $635 resistance, potential ATH challenge; watch for $569 support.
The cryptocurrency market has witnessed a surge in buying pressure over the past weekend, leading to a significant uptick in price action across the board. Bitcoin, the market leader, has surpassed the $66,000 mark following the highly anticipated Bitcoin Halving event, setting a positive tone for the entire crypto space.
Among the top performers, Binance Coin (BNB) has recorded an impressive 5% jump in just 24 hours and a 4.37% increase over the past seven days. The altcoin’s year-to-date (YTD) performance stands at a remarkable 93.56%, highlighting its strong growth trajectory in the current market climate.
Binance Coin Price Records a Bullish Convergence
After a lackluster performance in 2023, the BNB coin price kicked off 2024 on a bullish note, indicating a growing interest among investors for this promising altcoin. Before facing resistance at its upper level, the Binance coin price surged by over 104%, skyrocketing from $311 to $635 this year alone.
Since then, the price has been trading within a consolidated range between $506.5 and $635. However, the Binance token has displayed a strong bullish reversal in its chart post-Halving, suggesting a high likelihood of a positive outlook for the coin in the near future.
Will BNB Price Reach New Heights?
If the bulls maintain their positive influence on the market, the BNB price is expected to continue its ascent and test the resistance level of $635 by the upcoming weekend. If the price can sustain itself above this level, it will pave the way for the Binance token to challenge its all-time high (ATH) of $690.93 in the coming month.
However, if the BNB token experiences a bearish trend reversal, the price may lose momentum and fall back to test its support level of $569. If the bears continue to dominate the market, the coin could plunge further and prepare to test its lower support levels.