$BNB

Binance Coin (BNB) Approaches $600 But Futures Traders Are Skeptical

Binance Coin (BNB) holders have been waiting for months for the altcoin to reclaim the $600 mark. The current high demand suggests that this milestone could come sooner than later.

However, futures traders’ sentiment has turned negative as they have begun betting against a continued price rally.

Binance Coin Sees Increased Short Demand

Binance Coin’s price has risen 3% in the past 24 hours, reflecting the overall market rally following the first interest rate cut by the US Federal Reserve since March 2020.

Demand for BNB has been on the rise since the start of the month, and it is now trading at $557.11, up 14% in the last 13 days. However, futures traders remain skeptical about the continuation of the rally, with many continuing to favor short positions.