Binance Coin (BNB) has eased off after a recent move toward the $640 area, with price now trading around $626.46 after a 0.7% decline over the past 24 hours. The pullback comes as the market struggles to hold momentum above a key resistance band and as broader crypto conditions turn slightly cautious ahead of major macroeconomic events. Resistance near $640 triggers renewed selling pressure The pullback was heavily influenced by concentrated selling activity around the $630–$635 resistance region, where derivatives markets showed a buildup of short positions. Derivatives market data shows that leveraged traders placed sizable bearish bets in this range, adding pressure whenever the price attempted to push higher. Reports from trading activity highlight that over $1 million in short positions were opened in the last 24 hours alone around the $628–$635 band. This created a ceiling that BNB coin struggled to break, leading to repeated rejections and a gradual fade back toward lower support levels. At the same time, the weekly Relative Index (RSI) sits at around 39, near the oversold region, suggesting that the bearish momentum could be overstretched. BNB coin price analysis Broader market tone adds pressure as Bitcoin dominance rises The weakness in BNB is also unfolding against a wider shift in crypto market structure. Total crypto market capitalisation has slipped by roughly 0.56%, reflecting a cautious tone across major assets as traders position ahead of the upcoming US Federal Reserve policy decision scheduled for April 29. More importantly for altcoins, Bitcoin dominance has climbed above 60%, signalling a rotation of liquidity into Bitcoin at the expense of other large-cap assets. This shift has historically placed pressure on altcoins like BNB, which tend to underperform during periods of rising Bitcoin dominance as capital becomes more concentrated in the leading asset. Bitcoin itself has also shown mild weakness, with a decline of about 0.58%, reinforcing the broader risk-off environment across the market. The short-term BNB coin price forecast With macro uncertainty still in play and Bitcoin dominance continuing to rise, BNB’s next directional move is likely to depend on whether buyers can defend current support levels or whether sellers maintain control near overhead resistance. On the downside, the $620 level has become the most important support zone on the daily chart. A sustained hold above this level could allow the price to revisit the $635 resistance area, where prior selling pressure has been concentrated. On the other hand, a breakdown below $620 would expose the BNB coin price to a potential move toward the support level around $589, which has been identified as the next major support region. The post BNB price rejected at $640 as Bitcoin dominance sparks sell-off appeared first on Invezz
