BNB Price Caps at $654 as Israel-Iran Conflict Sends Ripples Through Crypto Markets

BNB Struggles at $654 as Middle East Conflict Stirs Market Caution

BNB is testing key resistance around the $654 mark, with geopolitical tensions in the Middle East adding uncertainty to crypto markets and dampening upward momentum.

CoinDesk Research’s technical analysis indicates BNB briefly surpassed $650 but was unable to sustain gains, signaling lingering hesitation among traders. At the same time, the CoinDesk 20 Index remained little changed over the last 24 hours.

The subdued action in BNB coincides with rising geopolitical risk. Former U.S. President Donald Trump escalated his rhetoric this week, demanding Iran’s “unconditional surrender” and describing its leadership as “an easy target.”

This tense backdrop has pushed traders on the prediction platform Polymarket to increase the probability of a U.S. military strike in the Middle East to 61% before the month’s end, with odds rising to 69% if extended into next month.

Nonetheless, optimism persists in crypto markets, supported by the U.S. Senate’s recent passage of stablecoin legislation, which many see as paving the way for clearer regulatory guidelines.

Meanwhile, ongoing institutional interest in bitcoin continues to lend support, even amid heightened short-term volatility.

BNB Technical Outlook

BNB’s price pattern suggests a market poised between consolidation and the potential for further selling:

• Over the past 24 hours, BNB traded within a 2.53% range, hitting a session high of $654 before pulling back.
• Resistance is forming near $653.5, where repeated attempts to break higher have faltered amid increased selling volume.
• Strong buying support is observed around $638, marked by significant trading activity indicating accumulation at lower levels.
• BNB dipped to an intraday low of $637 but has since recovered modestly, printing three consecutive higher lows that hint at the development of a double-bottom pattern.
• Traders are closely watching for a decisive move above $654 to confirm a bullish breakout, while a drop below $637 could trigger deeper losses.