BNB Struggles Amid Global Market Pressure and Descending Wedge Formation

BNB has been experiencing downward pressure in recent days due to both its technical outlook and global market developments. An analysis of BNB's price movement reveals that it is moving within a 'descending wedge formation', which is generally considered a bullish signal in the medium to long term, but not yet complete.

This means that while there is potential for a strong recovery towards the $650 level, a short-term decline remains possible. The recent 3% pullback in BNB's price over the last 24 hours supports this weak outlook.

The main reason behind this decline is not unique to the crypto market, but rather a global trend of 'risk aversion' triggered by developments in technology and artificial intelligence sectors. Specifically, the Kimi K3 AI model developed by China-based Moonshots has put pressure on US-based tech stocks, causing a sell-off in US futures and Asian markets.

This trend has affected major altcoins like BNB, keeping Bitcoin's price range around $63,000. In the short term, the first support zone for BNB is around $535-$533, while a deeper downward scenario could see it retreat to the $515-$500 band.