The price of Binance Coin (BNB) has dipped below the $860 mark, reflecting noticeable intraday volatility as traders brace for crucial U.S. economic data. Over the past 24 hours, BNB oscillated between $849.88 and $868.76, a 2% range that hinted at early bullish enthusiasm but concluded with a hint of exhaustion as it approached resistance levels.
Economic Data Looms Large
The timing of this price movement is particularly noteworthy, occurring just ahead of significant U.S. economic indicators set to be released this week. The upcoming data, which includes surveys of manufacturing and services alongside August payroll figures, could sway the Federal Reserve’s decision on interest rates. According to the CME’s FedWatch tool, there’s a near 90% probability of a 25 basis point rate cut, though traders on Polymarket are slightly less optimistic, pegging the odds at 82%.
“Investors are closely watching the Fed’s next move,” said Sasha Ivanov, a market analyst at CryptoInsight. “A rate cut could inject liquidity into the markets, potentially reversing some of the losses we’ve seen in BNB and other cryptocurrencies.” This sentiment echoes the broader market anticipation seen in Bitcoin Volatility Comes Alive Ahead of PCE Inflation Data, where similar economic indicators are influencing market dynamics.
BNB’s Rocky Terrain
Adding to the intrigue, BNB’s recent price behavior follows regulatory developments involving REX Shares and the emergence of BNB-centric treasury firms like B Strategy. The latter, backed by Binance co-founders Changpeng Zhao and Yi He, aspires to accumulate up to $1 billion in BNB, signaling substantial institutional interest.
Despite the price dips, BNB’s underlying network activity is on the rise. Daily active wallet addresses on the BNB Chain have surged to nearly 2.5 million, according to DeFiLlama data. However, this bullish on-chain activity contrasts with a decline in transaction volumes since late June—a diverging trend that raises eyebrows.
“While active wallets are increasing, the drop in transaction volumes indicates caution among traders,” noted DeFi analyst Laura Monroe. “The market seems to be in a holding pattern, waiting for clearer signals from the macroeconomic front.”
Technical Resistance and Market Sentiment
Technically, BNB’s price action underscores a challenging resistance zone at $867–$868, as identified by CoinDesk Research. The token’s brief rally to $868.08 was met with heavy selling, with volume spiking to 72,000 tokens—well above the average of 54,000. This heightened trading activity, however, failed to sustain the upward momentum, pushing BNB back to the $850–$855 range where buying interest resurfaced.
“The resistance at $867–$868 is a tough nut to crack,” commented technical analyst James Carter. “The volume suggests strong participation, but breaking through will require more than just a knee-jerk reaction.” This mirrors recent market behaviors observed in Bitcoin whales send BTC price under $109.5K as market ‘wobbles’ into US PCE, where significant resistance levels have also been a focal point.
As traders navigate this volatile landscape, all eyes are on the forthcoming U.S. jobs data. The results could either reinforce the existing bearish sentiment or provide the catalyst needed for a bullish reversal. What remains to be seen is whether BNB can muster the support necessary to reclaim its recent highs.
In the meantime, market participants are advised to stay vigilant. Market dynamics are fluid, and with economic data having the potential to shift sentiment swiftly, BNB’s journey in September promises to be anything but dull.
Source
This article is based on: BNB Slips Below $860 as Traders Brace for U.S. Jobs Data
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
