BNB Faces $654 Resistance Amid Israel-Iran Tensions

BNB, the native token of the Binance exchange, is currently facing resistance at the $654 level. The price fluctuations of BNB are being influenced by the global uncertainty stemming from the ongoing conflict between Israel and Iran. The token briefly surpassed $650 but retreated, indicating market stress. The broader crypto market, as measured by the CoinDesk 20 Index, has remained relatively stable over the past 24 hours.

The recent escalation in tensions, including calls for Iran's "unconditional surrender" by former U.S. President Donald Trump, has added to the market's unease. On the prediction market Polymarket, the likelihood of U.S. military action in the region before the end of the month has increased to 61%, rising to 69% if the timeline is extended to the following month.

Despite the short-term volatility, there are signs of bullish sentiment in the broader crypto market. The U.S. Senate's passage of stablecoin legislation this week is seen as a positive development, indicating growing regulatory clarity. Additionally, corporate bitcoin buying continues to support demand, even as short-term volatility increases.

Technically, BNB is currently consolidating within a volatile range, showing both accumulation and hesitation among traders. The asset traded within a 24-hour range of 2.53%, reaching a session high of $654 before facing rejection. A potential resistance zone has formed near $653.5, confirmed by repeated failures to break higher and increased selling activity around that area. A significant support level has emerged at $638, marked by the day’s highest volume spike, indicating strong buyer interest. The price touched a low of $637 before stabilizing, and BNB has since posted three consecutive higher lows, suggesting a potential double bottom and renewed buying interest.

Market participants are closely watching whether BNB can maintain its position above the $640 support line. A sustained move higher may require clearing the resistance at $654 with stronger conviction, while a break below $637 could trigger a deeper pullback. The ongoing conflict and its potential escalation will likely continue to influence BNB's price movements in the near term.