• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Binance Coin BNB
Sensei Inu Logo

Binance Coin (BNB) Forms Bearish Pattern, But Fundamentals Look Strong

Jake Simmons by Jake Simmons
8 months ago
in Binance Coin
Reading Time: 3 mins read

In the wake of FTX’s collapse, many eyes focused on the now undisputed largest cryptocurrency exchange in the world, Binance. Due to an opaque proof of reserves, the withdrawal of accounting firm Mazars, and a bank run on the exchange, the Binance Coin (BNB) suffered a temporary loss of trust and excessive price losses.

Slowly and gradually, however, investors seem to be regaining confidence in Binance. The BNB price has risen 9.3% over the last seven days, reaching $301 at press time.

Although there was some positive news from Binance yesterday and today, the BNB price is facing a bearish pattern on the weekly chart. The pattern usually predicts a trend reversal and shows three peaks, with the two outer ones close to each other and the middle peak being the highest.

The left shoulder forms when investors drive the price up, and then temporarily lose their enthusiasm. The head builds up when enthusiasm reaches its peak. The right shoulder forms when the price rises again, but does not reach its previous peak before falling again.

Related Reading: Why A Morning Star Reversal Could Awaken A Monster Bitcoin Rally

The head of the BNB weekly chart was formed in the week when FTX filed for bankruptcy. In the following weeks, the price fell before BNB experienced a recent rally thanks to the generally bullish market sentiment. With this, BNB is in a crucial scenario.

If BNB breaks the neckline at $210 to the downside, the chart pattern could validate and BNB could see a downtrend within the next few weeks, pushing the price toward $153.

Binance Coin BNB USD
BNB seeing a head-and-shoulders pattern, weekly chart | Source: BNBUSD on TradingView.com

Binance Coin Counts On Strong Fundamentals

There are also good fundamental reasons to be bullish on the BNB price. The crypto exchange announced its 22nd quarterly burn today. As part of it, the exchange has burned 7,181.03 BNB via the Pioneer Burn Program, which was equivalent to about $617 million.

Related Reading: What Matters In Crypto This Week: Will Bitcoin Keep Pumping?

In total, Binance has now burned approximately 2.06 million BNB. With the latest quarterly burn, the exchange has burned about 1.28% of all BNB in circulation, which is the highest in almost two years. This shows that Binance’s trading business is again doing better than in previous months.

#Binance completes 22nd quarterly #BNB burn!

🔥 2.06m #BNB has been burned 🔥 pic.twitter.com/21v9R7H78K

— Binance (@binance) January 17, 2023

In other bullish news, the exchange yesterday launched a new off-exchange custody service that allows institutions to access trading and investment products within the exchange ecosystem without having to deposit collateral directly on the exchange:

We’re excited to announce the official launch of our off-exchange settlement solution, Binance Mirror. Through Mirror, institutions can deploy their liquidity on Binance while their assets remain secured in our segregated cold storage.

As the exchange explained, assets in Binance Mirror account for more than 60% of all assets secured in the custody product. With the new service, the exchange could hope for increased adoption by institutions that previously did not want to take the risk of third-party custody, but at the same time want to access the most liquid exchange in the market.

According to the exchange, the adoption of Binance Mirror increased significantly in the last quarter of 2022 with a 67% increase in assets mirrored from Binance Custody to the exchange.

Featured image from Satheeshsankaran / Pixabay, Chart from TradingView.com

Tags: BinanceBNBBNB burn
Tweet123Share196ShareSend
Jake Simmons

Jake Simmons

Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

Related Posts

Binance Coin BNB

The $200 Million BNB Bridge Exploiter Just Got Liquidated On Venus

1 month ago
BNB

BNB Nears $250 Level As Market Suffers Volatility; What’s Driving It?

2 months ago
Compound (COMP) Bears Take Full Control As Price Dips 20% In 7-days

Binance Coin (BNB) Faces Sideways Movement, Bears Threaten Further Sell-Off

3 months ago
Binance Terms of Service

Binance Changes Terms of Service As BNB Reverses 2023 Gains

4 months ago
Binance BNB

BNB Remains Under Pressure As Regulators Crack Down On Binance

6 months ago
Binance BNB

BNB Dumps 6% As CFTC Sues Binance And CEO For Non-Compliance

6 months ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Solana Remains Stable, Bitcoin Cash, and Borroe.Finance...

    19 mins ago
  • Best Trading Sessions in Nigeria Time According to Analysts

    4 hours ago
  • Cosmos and Axie Infinity Holders Accumulating Kangamoon...

    5 hours ago
  • Eureka Partners Fortifies Its Stance in Blockchain and...

    6 hours ago
  • Imagine Buying Bitcoin at 20 cents! Gold Coin on the rise

    6 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.