In the last 24 hours, the price of BNB is facing strong resistance from bears as they strongly defend the $610 resistance

In the last 24 hours, the price of BNB is facing strong resistance from bears as they strongly defend the $610 resistance. Currently, sellers are strongly

In a 24-hour period, the price of BNB encountered strong resistance from bears as they persistently defended the $610 mark, rendering it difficult for bulls to stage a comeback on the price chart. This struggle was particularly evident during the last 24 hours of trading, as sellers briskly moved to defend a potential bullish rally.

As the market dynamics unfolded, BNB's trading volume experienced a surge of 3.82%, ultimately reaching $1.93 billion. In a broader context, BNB has been exhibiting increased downward volatility since the crash on February 3, but now, it appears to be aiming for a recovery rally. Over the last 24 hours, its market cap saw a decline of 0.9%, settling at $86.35 billion.

BNB's Open Interest Faced a Sharp Decrease

The price of BNB encountered difficulty in breaking through the crucial resistance level of $610, with sellers currently maintaining control and attempting to push the price below the significant $600 support zone. Recent data from Coinglass reveals that the market experienced liquidations totaling approximately $764,000 over the past 24 hours. Among the liquidations, buyers incurred larger losses, with $572,000 liquidated, whereas sellers faced liquidations of $192,000.

The overall market sentiment can be described as bleak, with interest in trading BNB waning. The number of active contracts decreased by more than 21%, reaching a total of $804 million. Furthermore, the funding rate stands in negative territory at -0.0116%, which can be interpreted as most traders displaying caution and a bearish bias.

In a related development, a greater proportion of traders are placing bets on a price decrease. The buyer-to-seller ratio is 0.9, indicating that there are slightly more sellers than buyers, and the expectations are skewed toward a dip to $600.