BNB Price Correction: 20% YTD Drop Amid Strong Long-Term Gains
BNB’s Q1 2025 Performance: 13.8% Decline and Ongoing Correction
BNB has been trading near $577. During Q1 2025, the token declined 13.8%, with the downtrend spilling over into Q2. BNB has dropped over 20% YTD.
From a broader perspective, however, the current downward movement appears to be more of a correction, as BNB printed 125% growth during 2024 or over 150% in the aggregate over 2023-2024.
Impact of US-China Tariff Wars on Cryptocurrency Markets
The cryptocurrency market has been feeling the heat from the ongoing tariff war.
Earlier in April, President Trump imposed tariffs on nearly all countries trading with the US, with China being the primary target, just as in his first term.
In response, China raised tariffs on US goods, leading to widespread market declines, including in the crypto sector.
Nonetheless, on April 9, the White House announced a 90-day delay in implementing tariffs for certain countries, fueling bullish sentiment across the board.
As a result, some tokens significantly curtailed their losses, while BNBUSD gained over 5% on April 9.
Bitget Onchain Launch: Potential Catalyst for BNB
In another notable development for BNB, the Bitget exchange launched Bitget Onchain.
Experts anticipate that this will expand trading opportunities within the Binance Smart Chain ecosystem, potentially improving market conditions for BNB in the future.
Technical Analysis: Bullish Regression Channel on Weekly Chart
From the TA standpoint, the weekly timeframe for BNBUSD shows a regression channel with a positive slope, indicating a predominantly bullish trend.
The downward movement in BNB, which started in early December 2024, remains strictly corrective for the time being.
Horizontal support is located within the broad range of $500-520. Should the bears manage a breakdown and secure a foothold at lower levels, the next support line could be the 200-day MA near $400.
Local resistance lies along the trendline connecting price spikes seen in January, February and March 2025.
Consequently, the bulls will face their initial target in the range of $600-625.
