BNB price has entered a decisive corrective phase, sliding more than 6% and breaking below the psychological $600 level amid a broader crypto market downturn. The move was not random. Price action confirms a bearish flag breakdown on the daily timeframe, signaling that the recent consolidation was a continuation pattern rather than a base-building structure.
BNB price spent several sessions forming a tight upward sloping channel following its prior decline, a textbook bearish flag formation. This pattern typically signals a temporary relief bounce before another leg lower, and the recent selloff validates that structure. The breakdown occurred near the $620 rejection zone, where sellers repeatedly capped upside attempts. Once BNB price lost the $600 support level, selling pressure deepened, confirming that buyers were unable to absorb supply at key resistance.
The momentum indicators are also tilting bearish, with RSI and MACD showcasing bearish crossovers. The breakdown with heightened volume adds credibility to the move, indicating bearish conviction rather than a low-liquidity drift lower.
With BNB price now trading below $600, this former support turns into immediate resistance. Any short-term bounce toward $600–$610 is likely to face renewed selling pressure unless broader market conditions improve. On the downside, the first technical checkpoint sits near $560, a minor intraday reaction level. However, the more significant demand band lies between $520 and $500, where historical buying interest previously emerged.
Derivative data positioning adds weight to the bearish continuation narrative. On Binance, short exposure stands near $584 million compared to roughly $492 million in long positions. On OKX, approximately $351 million in shorts outweighs nearly $315 million in long contracts. Bybit also reflects this imbalance, with short positions around $53 million exceeding long exposure near $40 million. This consistent dominance of short exposure across the top three exchanges signals that market participants are leaning into continuation risk.
Liquidation data further supports this view. As BNB slipped under key support, leveraged longs were flushed out, accelerating downside momentum. Meanwhile, cumulative short liquidity now clusters above the $610–$620 region.
From a higher timeframe perspective, BNB has slipped below the $620 level, which marks the 0.618 Fibonacci retracement (the "golden pocket") and is now hovering around $609, testing the 200-week moving average—a key macro trend indicator. Sustained closes below this level tend to invite extended consolidation. The $932 high-timeframe resistance remains the primary upside objective if macro structure holds, but reclaiming $620 is the first major hurdle bulls must clear.
