BNB teases $700 again – Should traders buy the dip or wait it out?

• BNB eyeing a $700 breakout after reclaiming 30% of its worth from its April lows
• 96.05% of provide being held by whales units the stage for a possible squeeze

On the time of writing, Binance Coin [BNB] stood out because the lone top-cap token holding inexperienced amidst the broader market’s bout of depreciation. Nevertheless, it might not be out of the woods but on the weekly charts. 

Actually, its value motion has made three failed pushes on the $685 resistance, every met with heavy sell-side stress. This degree has grow to be a psychological and technical ceiling and till it’s convincingly flipped into help, the $700-target will keep off-limits.

For bulls, the trail ahead hinges on persistence and precision.

BNB revisits key provide wall

At press time, BNB was up practically 30% from its early-April low of $520, having punched by means of three successive larger highs. It gave the impression to be a textbook signal of an accumulation part unfolding underneath the floor.

Positive, that 30% leg-up pales compared to the 90% impulse rallies from Ethereum [ETH] and Solana [SOL]. Nevertheless, BNB’s weekly chart tells a unique story. Since 23 Could’s retest of $650, the altcoin has posted a gradual 5.2% hike – An indication of relative energy.

Zooming into the BNB/BTC ratio revealed that the pair is now staging a reversal after tapping a key three-month demand zone twice in Could. The primary bounce was reactionary – Excessive beta, low conviction. This time, the rotation could also be methodical, hinting at strategic capital rotation .

Supply: TradingView (BNB/BTC)

In consequence, BNB is as soon as once more knocking on the door of the $700 provide wall. Actually, it gave the impression to be simply 2.6% away from reclaiming that psychological deal with.

Nevertheless, the $680–$695 vary has confirmed sticky, rejecting value motion 3 times in underneath three weeks.

Strategic execution now key for bulls

Apparently, the aforementioned chart has additionally been flashing an early sign for an altseason setup. Particularly as Bitcoin dominance [BTC.D] struggles to carry above the vital 64.14%-level, with BTC grinding sideways in a decent vary.

Traditionally, these congestion zones in BTC.D crack open rotation corridors into altcoins. The BNB/BTC pair kicking off a reversal right here suits the narrative. 

So as to add gas to the hearth, BNB’s Open Curiosity simply popped 7% to a hefty $862.3 million – An indication of contemporary leveraged bets and higher dealer conviction.

This rising OI, coupled with the pair’s bounce, hinted at rising danger urge for food and a possible breakout in altcoin alpha brewing underneath the floor.

Supply: Coinglass

Backside line? Bid-side stress has been stacking up from each rotation flows and speculative bets.

Nevertheless, Glassnode data underscored a key development – A whopping 96.05% of BNB provide is sitting with whales who maintain over 10k cash. Unless these huge gamers aggressively pile in at resistance, BNB will danger one other risky squeeze cycle.