BNB Shows Signs of Early Accumulation Amid Pullback, Potential for Next Breakout Phase

Key Points

1. BNB surged from $600 to an all-time high of $861 over five consecutive weeks before experiencing a 4.37% pullback.

2. Strong support emerged at the $800 level, with a 1.52% intraday recovery, indicating buyer interest.

3. Order book data reveals a near 2:1 bid-ask imbalance (66.5 million bids vs. 33.5 million asks), signaling passive accumulation.

4. The recent $200 million drop in Open Interest reflects cautious profit-taking but suggests potential for further gains.

5. BNB's price action is driven by historical momentum and market dynamics, with indicators pointing to a possible breakout.