Bitcoin News Today: BONK breaks below key support triggering 23% drop risk

BONK, a meme-inspired cryptocurrency, is currently facing heightened bearish pressure following a breakdown below its key support level. As of August 18, 2025, the token has already experienced an 8% decline, placing it among the major performers in the declining segment of the crypto market [1]. Technical analysts have flagged the breach of the $0.00002393 level as a critical turning point, with further downward movement potentially targeting $0.00001835. This projection implies a possible 23% drop, intensifying concerns among investors [1].

Market liquidity has also weakened, contributing to the deteriorating price trajectory. The token’s outflows have accelerated, reducing its ability to attract stabilizing buying interest. Traders are now closely monitoring whether buyers can step in to halt the continued sell-off and prevent further erosion of recent gains. A failure to rally above critical support levels could trigger a wave of additional selling pressure, especially in a market dominated by retail participants who are sensitive to technical triggers [1].

The broader cryptocurrency landscape remains mixed, with major coins such as BNB and Ethereum showing varied performances. However, BONK has lagged behind, underscoring the inherent fragility of meme coins that rely heavily on sentiment and liquidity rather than strong fundamentals. The absence of robust underpinnings means that even minor shifts in market dynamics can lead to rapid and severe price corrections [1].

Analysts highlight that the recent pullback has shifted market sentiment from bullish to bearish. On August 18, the token continued its downward trajectory, failing to hold above critical resistance levels that had previously acted as a buffer against further losses. This breakdown signals a potential continuation of the bearish trend and suggests a re-evaluation of risk exposure among investors [1].

In parallel, other developments in the crypto market are shaping investor sentiment. Binance Coin (BNB), for example, has seen a corrective pullback, reaching $830.8 on August 18. Traders are watching closely to see if $819 will hold as a key support level, as this could influence broader market direction [3]. At the same time, institutional activity remains notable, with Capital B recently securing €2.2 million to expand its Bitcoin treasury. This move reflects ongoing institutional interest in Bitcoin, although it has not provided a clear tailwind for BONK [4].

Amid these movements, a prominent short-seller has raised concerns about a major firm’s recent Bitcoin purchase, warning that it may indicate weak demand and a lack of long-term confidence in the asset. These developments, while not directly linked to BONK, contribute to the overall uncertainty surrounding the market [6].

Investors are being urged to remain cautious as the combination of broken support levels, weak liquidity, and macroeconomic uncertainty creates a high-risk environment for speculative tokens like BONK. Without a clear catalyst or strong buyer interest, the bearish outlook is likely to persist. Traders are advised to closely monitor volume patterns and price action to make informed decisions in this volatile market [1].

Source:

[1] BONK slips below key support: Can buyers stop a 23% ...

https://ambcrypto.com/bonk-slips-below-key-support-can-buyers-stop-a-23-decline/

[3] Binance Coin Price Prediction 2025, 2026, 2027-2031

https://www.cryptopolitan.com/binance-coin-price-prediction/

[4] Capital B Boosts Bitcoin Treasury with €2.2M Raise Led by ...

https://coincentral.com/capital-b-boosts-bitcoin-treasury-with-e2-2m-raise-led-by-adam-back/

[6] Famed Short Seller Warns Strategy's $51M Bitcoin Buy ...

https://decrypt.co/335607/short-seller-strategy-bitcoin-buy-weak-demand-offering