BNB breaks below the trendline maintained since 2023—can bulls hold the $675 level?

BNB has broken below a key ascending trendline support, dropping 10% to $697, with trading volume surging 40% to $3.75 billion. Analysts warn that if the closing price falls below $675, it could trigger a further 10% decline, with a target price of $610. On-chain data shows that major holders have not increased their positions, while derivatives traders are holding $21.21 million in leveraged short positions, indicating strong bearish sentiment in the market.