Binance Coin price reacted to the changing crypto market in a way that was both unexpected and surprising. The exchange token noted another slight dip, even as the rest of the market awaits the spot Bitcoin ETF approval from the Securities and Exchange Commission (SEC).

Binance Coin price sees a decline

Binance Coin price fell by a little over a percent in the past 24 hours to trade around the $300 mark. This decline added to the altcoin’s 6% correction from the past four days and brought the altcoin near a crucial support line of $297. This price point has been acting as a crucial support and resistance for BNB since the end of December after the 23% rally in 48 hours.

Since neither the Relative Strength Index (RSI) nor Moving Average Convergence Divergence (MACD) are heavily bearish presently, the altcoin has a shot at recovery fuelled by the bullish broader market cues.

However, if the funds flow out of the altcoin market and into BTC, BNB, along with other altcoins, could see a short-term correction, which might drag the exchange token below the $297 support line to test $280.