Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• The D1 chart was bearish at the time of writing. 
• Open interest rates improved; funding rates were negative. 

The US SEC lawsuits against Binance and Coinbase have capped any likely upside on the crypto market. The regulatory pressure saw Bitcoin [BTC] retest its two-month lows at $24k, decoupling from S&P 500. Binance Coin [BNB], the native Binance ecosystem token, sustained more hits but eased at $220. 

Read Binance Coin [BNB] Price Prediction 2023-24

According to a recent report, the Binance exchange reportedly faces another investigation by French authorities for illegal operation and money laundering. Besides, the exchange ditched the Netherlands after failing to secure an operating license. 

Despite these developments and the ongoing FUD, BNB didn’t drop below $220 as of press time. 

Will the $220 support prevent further drop?

A Fibonacci retra

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Author: Suzuki Shillsalot

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