BNB price traded near $600 on August 5 after breaking out of its July range, while rising derivatives activity and nearby liquidation clusters pointed to a possible test of $610. According to data, BNB price rose to approximately $600 on Wednesday, extending its recovery from a late-July range around $560 to $575. The move carried BNB above its 20-day and 50-day simple moving averages, supporting the short-term bullish structure.
Key Levels
The 100-day SMA at $605.88 now represents the first major test, which could determine whether BNB extends its rally toward $610 or enters another period of consolidation. Longer-term resistance remains at the 200-day SMA near $636.13.
Derivatives Activity
BNB derivatives activity strengthened alongside the spot-price increase, with trading volume climbing 56.1% to $719.9 million, while open interest increased 4.05% to $985.79 million. Rising price and open interest can indicate that traders are opening new positions rather than closing existing contracts.
Technical Outlook
The 4-hour chart places BNB near the upper Bollinger Band after its latest advance, with the upper band standing at $602. A 4-hour close above $605.88 could open the way toward $610, while failure to break the resistance zone would place initial support at $592.
