BNB has been a focal point in the crypto market recently, especially after Binance founder and former CEO Changpeng “CZ” Zhao walked out of a United States federal prison on September 27, following a four-month sentence related to Anti-Money Laundering (AML) violations.
Many are now speculating on how BNB will react in the market. Some believe CZ’s release could spark a rally, while others think BNB will follow the broader trends of the altcoin market.
Like Bitcoin (BTC), BNB has been trading within a large range for several months, indicating a standoff between bullish and bearish sentiments. Despite this, long-term investors remain optimistic, with some analysts forecasting that Bitcoin might reach a new all-time high in the fourth quarter of this year, or at least by 2025. Meanwhile, a few analysts are predicting that BNB could climb as high as $1,000.
The main question is, can BNB outperform Bitcoin, or will it struggle to reclaim its previous highs? A closer look at the BNB/BTC chart might help answer that.
BNB/BTC Weekly Price Analysis
Currently, BNB/BTC is trying to reverse its downtrend, though it faces resistance near the 38.2% Fibonacci retracement level of 0.010 BTC. This level has proven challenging as traders continue to sell into rallies, indicating persistent negative sentiment, according to Rakesh Upadhyay.
If BNB/BTC breaks below the 20-week simple moving average (SMA) at 0.009 BTC, the pair could fall toward the 50-week SMA near 0.008 BTC. This level might attract buyers and keep the price stuck between 0.008 BTC and 0.010 BTC for some time.
However, if the price rebounds off the 20-week exponential moving average (EMA), it would signal that bulls are buying on dips. Should the bulls manage to push the price above the 0.010 BTC resistance, BNB/BTC could climb to the 50% Fibonacci retracement level at 0.012 BTC, and further to the 61.8% level at 0.014 BTC. Overcoming this barrier would indicate a potential end to the downtrend.
BNB/BTC Daily Price Analysis
On the daily chart, BNB/BTC has been trading within a wide range between 0.008 BTC and 0.010 BTC for several months. Both moving averages are intercrossing, and the Relative Strength Index (RSI) hovers near the midpoint, reflecting a balance between supply and demand.
A break below the 50-day SMA at 0.009 BTC could push the pair down to 0.0086 BTC, an essential level for bulls to defend. A drop below this level could drive the pair to the lower end of the range at 0.008 BTC. On the upside, the first resistance sits at 0.0097 BTC. If the bulls clear this level, the pair could retest the key 0.010 BTC mark. A rejection at this level would keep the price range-bound, but a successful breakout could ignite a new rally toward 0.012 BTC.
