Bitcoin, as well as most other major cryptocurrencies, has seen a strong rally in 2023 and is holding onto its gains. However, there is an exception—Binance Coin (BNB).
The coin began the year by following Bitcoin’s lead and rallying, however, it gave up all of its gains and then some. The US dollar strength can’t be blamed for the BNB/USD bearishness as it doesn’t show in other cryptocurrencies.
Rather, it appears that it is the Binance Coin itself that is trading with a bearish tone. This is particularly evident when looking at the technical picture, which shows bearish pressure growing as the market approaches the $200 support level.
The formation of a bearish flag pattern on the BNB/USD chart suggests that the $200 support will soon be broken. The pattern’s measured move, in orange, points to a possible move to $150 or lower. This is worrying as it means that there are other factors weighing on the coin, other than the US dollar strength.
