Binance Coin (BNB) has been experiencing some fluctuations in price, with a recent dip of almost 7% in the past four days. Despite this, the potential approval of a spot Bitcoin ETF by the Securities and Exchange Commission (SEC) doesn’t seem to be affecting BNB’s price much.
Currently trading around the $300 mark, BNB has been hovering near a crucial support line of $297. This support line has been significant for the altcoin since the end of December. Although price indicators remain bearish, there is a chance for BNB to recover with the broader market’s bullish cues.
However, if funds start flowing out of the altcoin market and into Bitcoin, BNB, along with other altcoins, may experience a short-term correction. This could potentially push BNB below the $297 support line and test $280.
Overall, while BNB’s price has dipped recently, the impact of the potential spot Bitcoin ETF approval on the market remains to be seen.