Binance’s BNB Faces Key Resistance Amid $633 Billion Crypto Market Downturn in Q1 2025

The cryptocurrency market experienced a significant downturn in the first quarter of 2025, losing $633 billion in market capitalization, according to a CoinGecko report. Despite a bullish start in January, macroeconomic factors and recession fears led to an 18.6% drop in the overall crypto market cap. Centralized exchange trading volumes also declined by 16% quarter-over-quarter. Amid this turmoil, Binance’s BNB token shows potential for a breakout but faces strong resistance near the $600 mark.

Crypto Market Lost $633 Billion in Q1 2025, CoinGecko Report Shows

The overall crypto market cap fell 18.6% in Q1 2025, with trading volume on centralized exchanges also down 16% compared to the previous quarter. Although the crypto market started January with a major bullish cycle, macroeconomic factors heavily impacted market sentiment over the following two months. Recession fears took a serious toll on the market despite initial euphoria.

BNB Price Eyes Breakout, Faces Hurdles Near $600

BNB price is recovering from the $575 support zone and attempting to break out. However, it faces resistance near $585 and $600. The price is currently trading below $585 and the 100-hourly simple moving average. A connecting bearish trend line is forming with resistance at $585 on the hourly chart. The pair must stay above the $575 level to start another increase in the near term. After struggling to clear the $595 resistance, BNB price started a fresh decline and moved below the $590 level. A low was formed at $576 and the price is now attempting to recover above the $580 resistance zone.