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The difference between a plunge bra and a balcony bra lies in the shape of the cups and the height of the center gore. Balcony, or balconette, bra cups are cut straight across the chest and lift from below. Plunge bra cups are cut at a deep V angle across each breast and push breast inwards.
Because balconette bras tend to have a higher center gore than a demi or plunge bra, they usually aren’t the best option for a low-cut shirt where you don’t want the bra to peek through.