BNB price nears $600 with shorts at risk

BNB price traded near $590 on Tuesday after holding a trendline breakout, but resistance at $592 and a large liquidation cluster above $605 could decide its next move.

BNB price holds breakout above $581

According to data from crypto.news, BNB (BNB) price was trading at $590.10 at press time after moving between $588 and $593.09 during the daily session. The token has gained roughly 4% over the past week, recovering from a recent low near $566.

The 4-hour chart shows that BNB broke above a descending trendline that had capped its recovery since early July. Buyers then defended a retest near $576 before pushing the price back toward $590.

This sequence converted the former trendline resistance into short-term support. BNB also remains above the 4-hour Supertrend, currently positioned near $576.57, keeping the short-term structure bullish.

The daily chart provides another important level at $581.62. This marks the 78.6% Fibonacci retracement of BNB’s decline from $745.33 to $537.05. Holding above it strengthens the breakout, while a daily close below the level would weaken the current setup.

However, the Chaikin Money Flow reading on the 4-hour chart remains at -0.06. This shows that capital inflows have not fully confirmed the price recovery, leaving the move vulnerable if buying volume fades.

What is driving the BNB move?

Rising network activity has supported BNB’s recovery. BNB Chain recorded approximately $19 billion in weekly decentralized exchange volume, placing it ahead of Ethereum and Solana during the measured period.

Network utilization also increased from roughly 17% to almost 30%. Higher activity can support demand for BNB because the token is used to pay transaction fees and deploy contracts across the network.

The chain’s latest quarterly burn provides a longer-term supply tailwind. BNB Chain removed approximately 1.62 million BNB, worth about $932 million at the time, during its 36th quarterly burn in July. The reduction left the total supply near 133.17 million BNB.

These fundamentals have helped BNB outperform a largely range-bound altcoin market. Still, the immediate move appears primarily technical, following the confirmed breakout and retest visible on the 4-hour chart.

$592 could decide whether BNB reaches $616

BNB is now testing $592, a level that has repeatedly acted as resistance during 2026. The token briefly traded above this area but has yet to establish a decisive daily close beyond it.

A confirmed break above $592 would bring the $600 psychological barrier into focus. The one-week liquidation heatmap shows the largest nearby concentration of leveraged positions between $605 and $610.

If BNB moves into that range, forced short liquidations could add buying pressure and accelerate the advance. The next chart-based target would then sit at $616.61, corresponding to the 61.8% Fibonacci retracement.

Beyond $616, the daily chart identifies additional resistance at $641.19 and $665.77. Those targets would require stronger spot demand because BNB would be moving into a broader supply zone created during its June decline.

The daily MACD supports the bullish case. The MACD line remains above its signal line, while the positive histogram stands near 0.47. RSI has climbed to 57.45, above its moving average of 50.90 but still below overbought territory.

Analysts see the retest as bullish confirmation

Crypto analyst Batman said BNB had reclaimed its 50-day moving average and successfully retested the breakout zone.

“This opens up a big move ahead,” the analyst wrote.

Satoshi Stacker also identified $592 as the key level separating a broader uptrend from a temporary recovery. The analyst said flipping that resistance into support would strengthen the case that BNB has moved beyond a relief bounce.

The bearish scenario begins if BNB fails at $592 and loses $581.62. In that case, the 4-hour Supertrend area between $575.80 and $576.57 would provide the next support.

Below that zone, the liquidation heatmap shows liquidity around $567, while the 4-hour chart places major horizontal support near $556. A break beneath $556 would invalidate the current higher-low structure and expose the daily range floor around $537.

US liquidity remains the main external risk

For US investors, BNB’s breakout remains sensitive to broader dollar liquidity and Federal Reserve expectations. Higher Treasury yields or a renewed risk-off move could limit demand for altcoins even if BNB Chain activity remains strong.

Geopolitical pressure and elevated oil prices add to that risk by keeping inflation concerns active. If those conditions push US rate expectations higher, BNB may struggle to attract enough capital for a sustained move through $600.

For now, the technical structure favors buyers while BNB remains above $581.62. A daily close above $592 would improve the probability of a move toward the $605–$616 region, while a loss of $576 would return the token to its previous consolidation range.