BNB/Yen Crumbles Past 100,000 After Bearish Signal

Summary
• BNB/Yen declines to 99,985 yen, down 4.3% in 24 hours, after a bearish engulfing pattern at 104,000.
• Momentum weakens with RSI below 30, indicating oversold conditions and potential short-term rebound.
• Volatility expands in early morning, pushing price to 104,601 high before a sharp reversal.
• Bollinger Bands widen post 21:00 ET, showing heightened price swings and risk of trend continuation.
• Turnover peaks at 5.8M yen near 22:15 ET as price drops, suggesting increased bear pressure.

BNB/Yen opened at 103,600 yen on 2026-02-06 at 12:00 ET, surged to 105,395, and closed at 99,985 yen on 2026-02-07 at 12:00 ET. Total volume reached 714.57, with a notional turnover of ~66.26M yen over the 24-hour window.

Price Action and Structure

The 5-minute candlestick data reveals a distinct bearish bias following a key high at 105,395. A bearish engulfing pattern formed at 104,000 during the evening hours, signaling a shift in sentiment. Price action appears to have found a short-term support near 100,000–99,500, with potential for further pullback if 99,000 is breached.

Trend and Momentum

MACD turned negative after 19:00 ET, confirming bearish momentum. RSI dropped below 30 in the final hours of the 24-hour window, indicating oversold conditions. However, Fibonacci retracements suggest that 100,000 could offer a temporary floor, with a 61.8% retracement level at 100,900 acting as a key watchpoint for short-covering potential.

Volatility and Indicators

Bollinger Bands showed a sharp expansion following the 105,395 high, reflecting increased volatility. Price subsequently collapsed within the lower band, suggesting a continuation of bear pressure in the near term. Volume spiked multiple times, particularly around 22:00 ET and 07:00 ET, coinciding with sharp price declines.

Turnover and Market Depth

Notional turnover spiked at 5.8M yen during the 22:15 ET 5-minute candle, as price dropped sharply from 104,320 to 103,320. The largest volume surge occurred at 03:15 ET, with 53.19 units traded and a turnover of ~5.52M yen, confirming bearish conviction. Divergences between price and volume were minimal, indicating consistent selling pressure.

In the next 24 hours, BNB/Yen may attempt a rebound from the 99,985 level, but a break below 99,000 could accelerate the decline toward 98,000. Investors should remain cautious, especially with RSI in oversold territory and momentum indicators showing bearish alignment.