BNB price falls 6% in two sessions as $700 support comes into view

BNB continued to fall on Thursday, September 10, taking its loss across two sessions to approximately 6%.

The latest fall came amidst concerns around inflation and rate hikes, which also applied pressure on the wider crypto market and has seen it currently trading around $710 after coming from around $757.

Why is the BNB price falling?

BNB’s previous session on September 9 saw most of its declines, with its price dropping from around $750 to $719, and selling continued during the current session. 

It opened at $722.10 and dipped as low as $703.89, trading for $709.77 as of this writing, which means it’s down another 1.29%.

This dip in BNB’s value comes at a time when crypto markets are broadly retreating, with Bitcoin down around 2.5% and Ethereum losing close to 3%.

It fell on fresh inflation data out of the United States, with fears growing over an increase in oil prices, which could lead to inflation staying high.

These developments fuelled speculation that the Federal Reserve may increase interest rates at the next Fed meeting. If this should occur, cryptocurrencies and other high-risk assets may become less appealing as safer alternatives become available, driving down demand.

Can buyers defend $700?

The decline follows a strong run for BNB as its price climbed from approximately $600 in mid-August to a recent high near $775.

But it has now returned to $700, which is an area that could determine how strong the pullback is. If it is able to hold above this price level, the price will be able to settle after two difficult sessions.

A fall below $700 would place the $680 to $690 region in view. BNB paused around that area before making its latest move higher, which means some buyers might decide to become active in that price area.

BNB would first need to move back above $725 for any recovery to resume. Then, the next challenge would sit around $750, where the recent selling began.

Final Summary

• BNB has dropped around 6% in two sessions after falling from around $757.
• The $700 area could determine whether BNB stabilizes or falls towards $680–$690.