BNB climbed to about $600 on Aug. 5, extending its breakout from a July trading range. Derivatives volume climbed 56.1% to $719.9 million, while open interest rose to $985.79 million. Technicals now point toward a possible test of $610 if BNB clears resistance near $606.
BNB rose to roughly $600 on Wednesday, extending its recovery from a late-July range between $560 and $575. The token gained 5% over the past week, reclaiming the closely watched $592 level and closing near $599.64 after touching an intraday high of $605.50.
BNB clears its short-term moving averages
The move carried BNB above its 20-day and 50-day simple moving averages, at $574.43 and $576.85, respectively. Reclaiming both levels supports the near-term bullish structure, though the asset has not reversed its wider downtrend.
Its 100-day SMA at $605.88 now marks the first major test, a level close to Wednesday's high that could decide whether BNB extends toward $610 or slips into consolidation. Longer-term resistance remains at the 200-day SMA near $636.13, a level BNB would need to reclaim before the daily chart confirms a broader trend reversal.
Derivatives activity climbs alongside spot gains
Trading volume in BNB derivatives climbed 56.1% to $719.9 million, while open interest rose 4.05% to $985.79 million, according to CoinGlass data cited by crypto.news. Rising price alongside rising open interest can signal that traders are opening new positions rather than closing existing ones, though the data does not show whether that exposure leans long or short.
Bitcoin also approached $64,000 during the session. The total digital-asset market capitalization reportedly rose 0.72% to $2.19 trillion.
Chart signals point toward $610
On the 4-hour chart, BNB tested the upper Bollinger Band at $602 before slipping back toward $599.50, with the middle band now at $591.92. That pullback shows sellers remain active between $602 and $605.88, where the 4-hour Bollinger Band and the daily 100-day SMA converge.
The 4-hour RSI stood at 63.74, above its signal average of 61.04 — a bullish reading but one nearing the 70 threshold typically tied to overbought conditions. A confirmed close above $605.88 could open the path toward $610, with liquidity clusters near $612 and $616 sitting as the next targets on CoinGlass's three-day liquidation heatmap. Losing the $592 support would weaken the breakout and open a path toward $582, with $576 as the next support if selling accelerates.
Analysts flag $592 as the key level to hold
Crypto commentator Satoshi Stacker said BNB's retest of its former diagonal resistance confirmed the level as support, calling $592 one of the token's most important levels of 2026. He said holding above it would support the view that BNB is entering an uptrend rather than posting a temporary recovery. Another trader, who posts as Batman, pointed to BNB's breakout from consolidation and its recovery above the 50-day moving average, saying the retest preserved the bullish setup.
The charts support a constructive short-term outlook while BNB holds above $592.
Source: crypto.news
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