Binance Coin $BNB Drops Below $600 – Can Bulls Defend This Key Support?

Binance Coin ($BNB) has fallen under the $600 mark as the broader crypto market faces heightened volatility. Investors are closely watching a crucial support zone that previously triggered a strong rebound.

On March 4, BNB revisited the $560 level—a significant support area last tested in early February. Back then, bulls successfully defended this zone, pushing BNB to a high of $721. Now, with a similar price pattern emerging, the question remains: Can BNB stage another recovery?

Currently, the token appears to be rebounding. BNB has climbed 6.5% in the past 24 hours and is now trading just below $600, a key psychological level.

This mirrors the overall market movement, which surged 4.5% overnight, bringing total market capitalization to $3.03 trillion. Binance Coin is closely tracking Bitcoin ($BTC), which rose 6.1% in the last 24 hours to reach $88,665—still only about half of its projected 2025 target of $160,000.

Former Binance CEO CZ urged investors to stay positive during these turbulent times.

Despite the recent bounce, it’s unclear whether the market is out of the woods. The strong price movement across cryptocurrencies follows U.S. President Trump’s announcement of a strategic crypto reserve, which includes $BTC , $ETH , SOL, XRP, and Cardano.

If negative news persists, Binance Coin risks falling below $560. BNB’s inability to set a new high during February’s rally and its near-lower low raise concerns.

If the downtrend continues, the next potential support targets are $534 and $464—key levels that formed a support range between July and November 2024.

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