BNB Drops Below $865 as Crypto Market Moves Lower

Price Movement - The price of BNB dropped 3% in the last 24 hours to $865 as traders reacted to the Federal Reserve's rate cut [1] - BNB reached a high of $908.83 before reversing sharply, with increased selling pressure as it fell below the key support zone of $870 [2] - BNB fell below its 30-day moving average and the 23.6% Fibonacci retracement level at $874, indicating a potential end to the short-term uptrend [3] Trading Activity - Trading activity surged as BNB pierced through the $870 support level, indicating strong selling pressure [2] - BNB is currently trading in a tight range, with buyers defending the $864–$867 zone and sellers capping gains near $868.50 [3] Market Sentiment - Traders appear cautious, with a recovery above $874 needed to shift momentum, while many are waiting for a network upgrade to complete before taking new positions [4] - A deeper slide could push BNB toward $839, identified as the next technical support based on Fibonacci levels [4]