Binance Coin (BNB) is facing heavy selling pressure as it slides below $600 amid a volatile crypto market. Investors are now closely watching a key support area that has triggered a significant rally in the past.
BNB Retests Key Support
On the evening of March 4 (UTC), BNB fell to $560, a key support area that was last tested in early February. Bulls successfully defended the level, helping BNB bounce to a high of $721. Now, with a similar price action, the question is whether BNB can recover.
Over the past 24 hours, BNB has gained 6.5%, currently trading below the $600 mark, an important psychological support level. This also reflects the overall market trend, with the total market capitalization increasing 4.5% overnight to $3.03 trillion.
BNB closely follows Bitcoin's performance
BNB is still trending in line with Bitcoin ($BTC). Over the past 24 hours, BTC has gained 6.1%, currently trading at $88,665, although it is still far from its projected target of $160,000 by 2025.
Former Binance CEO Changpeng Zhao (CZ) has tweeted to reassure the community amid this volatile market.
Factors Affecting the Market
The recent recovery in the cryptocurrency market was largely driven by former US President Donald Trump's announcement of plans to create a strategic cryptocurrency reserve, which includes Bitcoin, Ethereum, Solana, XRP, and Cardano.
However, this rally was quickly halted by negative news related to Trump's aggressive tariff policies against countries such as Canada, Mexico, the European Union, and China. If negative news continues to emerge, BNB is at risk of falling below $560.
During the recovery in February, BNB failed to establish a new high and is showing signs of forming a lower low. Technical indicators such as the RSI (relative strength index) and OBV (on balance volume) are also declining throughout 2025, signaling that selling pressure remains strong.
BNB's Next Price Target
If the selling pressure continues, the next important support levels could be $534 and $464, which are strong support zones established from July to November 2024.
Investors look for new opportunities amid volatility
Given BNB's short-term volatility, many investors are looking for other opportunities, especially presale projects with strong growth potential. One of the notable names is Best Wallet and its native token, $BEST.
Best Wallet - A Next-Generation Storage and Investment Solution
Best Wallet is considered a new-generation cryptocurrency wallet that can compete with major platforms such as Trust Wallet and MetaMask. In addition to providing a secure self-custody solution, Best Wallet also integrates a suite of investment support tools to help both newbies and professional investors stay ahead of market trends.
A standout feature of Best Wallet is the “Upcoming Tokens” tool, which helps users discover potential projects right from the presale stage, creating an early investment advantage. At the same time, the platform also optimizes staking profits by displaying the most attractive staking opportunities on the market.
The Best Wallet app is available on Google Play and Apple Store, supporting over 1,000 cryptocurrencies and integrating Fireblocks’ MPC-CMP encryption technology to protect assets.
The current price of the $BEST token is $0.024225 and will increase with each presale round. With the potential to hold its value better than BNB in the short term, it is no surprise that Best Wallet has attracted over $10.7 million from investors.
Conclusion
BNB is facing a challenging period as it slides below $600. While the market is still waiting for a new bull run, investors are diversifying their portfolios by looking for potential investment opportunities, such as Best Wallet. With the current volatility, closely monitoring market developments will help investors make more rational decisions.
