• Binance Coin [BNB] reacted positively over the past two days, gaining 20.5%.
• On the daily timeframe, the market structure is bullish with support at $285-$292.
• The funding rate has climbed back into positive territory, indicating long positions were once more dominant in the market.

Binance Coin Gains Over 20%

Binance Coin [BNB] reacted extremely positively over the past two days of trading and gained by 20.5%. This bullish euphoria over Bitcoin’s gains translated across the crypto-market and was further supported by a strong confluence of support at $292.

Daily Market Structure Bullish

The daily market structure for Binance Coin turned bullish as recent lower high at $294 was beaten during the latest reversal, though resistance exists around $309-mark. The Volume Profile Visible Range showed that the price was right above the Point of Control (POC) at $304.2 and Value Area High and Low were found at $322.8 and $274.7 respectively.

Long Positions Dominate

The funding rate had been negative over the last two days but it has since slowly climbed above into positive territory, implying long positions were once more dominant in the market. Moreover, spot CVD also surged past February highs in response to demand signifying a potential flip in sentiment from bearish to bullish again.

Retracement Before Sustained Move Higher?

A retracement before a sustained move higher up remains possible too as longer-term buyers can wait for a retracement into the $285-$292 zone before looking to buy and trade with trend while risk-averse traders can wait for a positive reaction over three days before investing again.

Conclusion

In conclusion, BNB reacted positively with gains of over 20% due to Bitcoin’s bullish momentum translating across crypto markets which has resulted in a shift in sentiment from bearish to bullish again as evident by rising spot CVD & long positions dominating despite Open Interest dipping slightly over 48 hours period thus hinting that retracement before sustained move higher up remains possible though risk-averse traders may want to wait for positive reaction first before investing again during current scenario