Earlier today (23rd) around 8:30 AM, the price of Binance Coin (BNB) officially broke through the $800 mark, reaching a new historical high after more than 7 months. At the time of writing, it was reported at $799.6, up over 4% in 24 hours.
Price Discovery and Market Sentiment: What's Next After the Historical High?
This breakthrough of $800 indicates optimistic market sentiment. The continued influx of funds has led BNB into a new price discovery phase. Analysts believe that if BNB can stabilize above the previous historical high of $793, it is likely to continue climbing.
However, it is worth noting that the current BNB daily RSI has reached 87, indicating signs of overheating in the short term, and there is also pressure for profit-taking in the market. If a pullback occurs, $709.29 will be a key support level. Investors should pay attention to changes in capital flow and leverage positions, and carefully assess risks.
Bitcoin stands firm at $120,000
As for the barometer of the crypto market, the price of Bitcoin briefly approached $116,000 yesterday before continuing to rebound. Earlier today (23rd), it briefly broke through $120,000, and at the time of writing, it was reported at $119,581, continuing to consolidate at high levels.
If BTC does not experience a significant pullback, BNB is likely to continue climbing.
