BNB has dropped about 6% over two trading sessions and now trades near $710, pressured by fresh U.S. inflation data and growing speculation over a Federal Reserve rate hike. Traders are watching whether the $700 level holds or gives way to a deeper slide toward $680-$690.
BNB fell from around $750 to $719 during its September 9 session, when most of the decline took place, and selling continued into Thursday, September 10.
It opened at $722.10 and dipped as low as $703.89, trading at $709.77 as of this writing — down another 1.29%. The move comes as crypto markets broadly retreat, with Bitcoin down around 2.5% and Ethereum losing close to 3%.
Inflation fears drive the selling
The decline follows fresh inflation data out of the United States, with growing fears that rising oil prices could keep inflation elevated. These developments fueled speculation that the Federal Reserve may raise interest rates at its next meeting, a possible rate hike. If that happens, cryptocurrencies and other high-risk assets could become less appealing as safer alternatives emerge, denting demand.
Can buyers defend $700?
The pullback follows a strong run, with BNB climbing from around $600 in mid-August to a recent high near $775. It has now returned to $700, a level that could determine how steep the pullback gets. Holding above this price would let BNB settle after two difficult sessions.
A fall below $700 would put the $680 to $690 region in view, an area where BNB paused before its last move higher and where some buyers might step in again. A recovery would need BNB to move back above $725 first, then clear $750, where the recent selling began.
Source: AMBCrypto
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