Price analysis of Bitcoin [BTC] and Binance Coin [BNB]

Bitcoin analysis

Shakespeare could not have written the ongoing tragedy at the $ 30,000 level of bitcoin, which sees the tug-of-war between bulls and bears persist. Bitcoin spent Monday’s daily candle in the red and was -2.8% towards the close of the day.

Over the past month the price of Bitcoin is still hovering between $ 30k- $ 36k and there is a lot of sideways moves going on, yet there are bullish indicators flashing for VincePrince in the chart below.

BTC is showing a few different patterns reminiscent of the March 2020 stock crashthat caused a liquidity sell-off across all markets, including the cryptocurrency sector. 

An inverse indicator may come from the popular twitter PlanB stock-to-flow model, which is currently diverging from its intended target. The model predicts that the BTC price is already in the six-figure range at this time while at the time of writing it is just under $ 31k. 

The Fear and Greed Index that tracks bitcoin sentiment is at 19, down 5 points from yesterday.

Bitcoin’s 24-hour range is $ 30,500- $ 31,957 and the 7-day range is $ 30,500- $ 33,327. The 30-day average price of BTC is $ 33,474. 

BTC closed the daily candle on Monday with a value of $ 33,474. 

Binance Coin Price Analysis 

One person who appears to be heavily bullish is Binance’s founding billionaire Changpeng Zhao . 

Even though CZ created BNB, he apparently still remains bullish on bitcoin.

The BNB / BTC pair is + 374% over the past 12 months and the BNB / ETH pair is + 107%. 

Binance Coin had seen $ 300 as strong support resistance for a long time, but it sold that price level to bears on Monday.

On Sunday, Binance announced a $ 390 million BNB burn. This burn was the 16th quarterly burn for BNB, and Binance Coin’s circulating supply now constitutes more than 90% of its total supply of 170.53 million units.

While the long-term selling pressure is eased by the reduction in supply, the short-term price action reacted negatively and actually fell after most of the quarterly events. 

The chart above by Yuriy_Bishko shows that the first bearish target on the 4-hour chart is $ 235. The bulls, on the other hand, must push BNB back above the most recent trendline and flip $ 300 towards the support resistance.

BNB’s 24-hour range is $ 278- $ 303 and the 7-day range is $ 278- $ 322. The average price of Binance Coin over the past 30 days is $ 302. 

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