Core Insights - BNB experienced a significant decline of 7.8% in the past 24 hours, dropping to $940 after failing to break resistance at $1,020, indicating a bearish trend in the market [1][2] - The trading volume surged to 72% above the weekly average, suggesting that larger holders were offloading their positions, contributing to the sell-off [1] - The broader cryptocurrency market also faced a downturn, with the CoinDesk 20 index decreasing by as much as 5%, and Bitcoin falling below $104,000, leading to $1.4 billion in liquidations [2][3] Market Dynamics - BNB had previously maintained a level above $1,000, which was considered psychologically and technically significant by traders [2] - The decline in BNB's price was exacerbated by a general downturn in the cryptocurrency market, resulting in a wave of liquidations, particularly of long positions [3] - Privacy coins like DASH and Zcash (ZEC) showed resilience, with DASH surging 56% and ZEC increasing by 5%, as traders shifted towards more decentralized assets [3] Technical Analysis - BNB now faces resistance levels at $1,000 and $980, with analysts monitoring its ability to hold above $940; a break below this level could lead to further losses [4]