Binance BNB Struggles at $600: Will Bears Push Below $580?

Binance Coin (BNB) is hovering near the $600 mark as bearish technical indicators suggest a potential dip below $580.As the crypto market struggles to mount a bullish comeback, Binance Coin is fluctuating close to the psychological $600 level. The BNB token currently trades at $603, with an intraday pullback of 1.31%.This undermines the recently formed bullish pattern and signals the possibility of a deeper fall below the $600 mark. Will this downturn lead to a breakdown of the $580 support level?Binance Coin Price AnalysisOn the daily chart, Binance Coin's price action shows a long-standing resistance trendline that has kept bullish growth in check. This has led to multiple failed bullish attempts since the start of 2025.The bearish reversals from the overhead trendline resulted in downswings to $560 and even near the $500 psychological level. The recent downturn from the resistance trendline has breached the 200-day EMA line and struggles to stay above the $600 mark.

Binance Coin Price Chart

With multiple lower-price rejections, the BNB coin shows early signs of a reversal near the 61.80% Fibonacci level, around $580. However, the intraday pullback and the post-retest downturn from the 200-day EMA suggest a potential steeper correction.Additionally, the 50-day and 200-day EMA lines have formed a "death cross," coupled with a negative crossover in the MACD and signal lines. These technical indicators warn of a breakdown below the $580 support level.BNB Coin Futures Witness A Surge in Long PositionsAs volatility increases in BNB Coins price trend, the derivatives market has witnessed a slight decline. According to data from Coinglass, BNB's open interest has dropped by 1.19% to $796.60 million, while the funding rate remains at 0.0030%.The BNB long-to-short ratio chart shows a surge in long positions. Over the past 12 hours, long positions have increased, driving the long-to-short ratio to 1.0614. With a positive funding rate and the rising number of long positions, bullish sentiment is gradually strengthening.

Binance Long/Short Ratio Chart

VanEck Files for BNB Coin ETFSupporting the chances of an extended recovery in Binance Coin, VanEck has filed for a BNB ETF.While the announcement had minimal effect on Binance Coin's price, which continues to fluctuate around $600, approval could drive fresh capital inflows, potentially pushing BNB price higher.BNB Price TargetsBased on the current price analysis, the 61.80% Fibonacci level near $580 remains the immediate crucial support level for BNB. The lower price rejections indicate that Binance Coin could hold above the $600 mark.However, the prevailing downward pressure reflects increased bearish influence, warning of a potential breakdown. If that occurs, the 50% Fibonacci level at $540 will be the next price target for buyers.Optimistically, if a reversal and broader market recovery occur, BNB could break the overhead resistance trendline. In this scenario, BNB could surpass the 78.60% level near $640 and potentially reach the next resistance at $724.

Text source: The Crypto Basic

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