Binance Coin (BNB) is trading at $579.57 at press time, reflecting a 0.23% decline over the last 24 hours and a 3.88% drop in the past seven days. Amid these movements, traders are examining whether the price will dip further or rise to collect liquidity based on the latest BNB liquidation heatmap.
Liquidity Clusters
A close analysis of BNB’s weekly liquidation heatmap reveals two critical areas of liquidity. The first notable liquidity pool exists above the current price, between the $600 and $620 range. These levels, characterized by brighter green areas on the map, are often targeted by traders aiming to collect liquidations. This could suggest a potential upward move toward these higher liquidity zones.
However, below the current price, there are pockets of liquidity around the $560 to $570 level. The presence of this liquidity beneath the market could trigger a short-term downward move before any potential rebound. The price may test this lower liquidity zone before climbing again, making it an essential area to watch.
BNB Battles Between $585 and $625 Amid Heavy LiquidationsShort-Term Price Behavior
At present, BNB’s price has experienced a sharp decline toward the $580 level. This price drop has led to a period of consolidation as the market digests the recent movements. Notably, the liquidity cluster just below the current price level at $580 adds to the possibility of a short-term downward move to collect liquidation before any significant upward trajectory.
If the price continues its downward trajectory, it is likely to target the $560 to $570 range. This short-term dip could attract more liquidity before the price finds support and begins to recover. Traders are closely watching this area to determine if the price will rebound or continue its decline.
Potential Scenarios
From the analysis of the liquidity map, two possible future contingencies might evolve. The price could drop to the $560-$570 range to attract buyers, then rebound to $600-$620, drawing in more traders. The price might also rise from the current $580 level to higher liquidity, though it’s unlikely without first testing lower zones.
