BNB Price Eyes $700 as Bulls Face Critical Test

Binance Coin's (BNB) price has been steadily rising, and analysts believe it may reach $700 as buyers continue to defend key support levels.

According to crypto analyst Umair Orakzai, the BNB price responded positively after capturing a liquidity region of interest. The price rose around 2% from the noted level of support, indicating buyer activity in the region. However, the bounce did not feature any convincing bullish candle closure, keeping the technical view conservative for now.

The key level at $581.87 is being watched, as breaking out above it will fuel the bullish sentiment again and allow the price to move towards $600 and potentially even higher towards $700. Without taking back control of the resistance, the risk of moving down is quite high.