The price of Binance Coin (BNB) extended its decline sharply on Friday, falling more than 6% intraday. The selloff was triggered by BNB's failure to reclaim the psychologically important $900 level, a key supply zone that has repeatedly capped upside attempts. This rejection led to a breakdown below the $880 support, confirming a shift in market structure toward lower highs and lower lows.
The decline was driven by a liquidation-led cascade rather than spot selling alone. Liquidation heatmap data revealed dense clusters of long positions stacked between $880 and $850, where leverage had accumulated in recent sessions. Once BNB was rejected at $900, the price quickly moved into this liquidity pocket, triggering over $100 million in liquidations, with long positions accounting for the bulk of the wipeout.
Derivatives data confirms a structural deleveraging phase. Funding rates for BNB perpetual contracts flipped decisively negative, into the -0.01% to -0.02% range, indicating traders are paying a premium to stay short. Open interest dropped by roughly 8–10%, showing leverage was forcibly removed. The current selloff has pushed BNB below $850, with $880 now acting as resistance. The next major demand zone is seen between $800 and $830.
The broader crypto market, including Bitcoin, slid into a risk-off phase, accelerating downside momentum. Bitcoin posted its second consecutive bearish daily candle, briefly dipping toward $81,000. Liquidation data for Bitcoin shows a dense concentration of leveraged positions above the current price, with a major cluster near $98,000 holding over $300 million in potential liquidations. This imbalance suggests near-term volatility is skewed toward potential upside tests, though failure to regain momentum could keep prices range-bound.
