Bitcoin News Today: Binance Coin Drops 1.54% Below $820 as 98 Top Cryptos Decline Market Cap Hits $3.97T

A sharp correction in Binance Coin (BNB) has emerged following a rally that pushed the asset to an all-time high of $846.73, with the price now trading below key support levels near $820 and $810 as technical indicators suggest bearish momentum [1][6]. The downturn mirrors broader market trends, where 98 of the top 100 cryptocurrencies by market capitalization have declined, reducing the total crypto market cap to $3.97 trillion over the past 24 hours [6]. While Bitcoin (BTC) and Ethereum (ETH) have also seen declines—BTC trading at $118,808 (-0.6%) and ETH at $3,807 (-3.1%)—BNB’s performance has diverged, maintaining a 5.24% weekly gain despite a 1.54% recent drop [1][6].

Technical analysis indicates BNB faces critical resistance at $820, with a breakout above this level potentially triggering a test of the $845–$860 range [1]. However, a failure to hold above $788 could initiate further downward pressure, with support levels at $800, $770, and $750 acting as potential barriers to a larger decline [1]. On the hourly chart, the asset is trading below the 100-hourly simple moving average, and the MACD and RSI indicators reinforce bearish sentiment, with the RSI dipping below 50 and the MACD accelerating in the bearish zone [1]. Analysts caution that sustained weakness below $800 could invalidate the current bullish trend line, necessitating a reevaluation of short-term trading strategies [1].

The broader market’s volatility has been tempered by robust institutional demand, particularly for Ethereum. U.S. ETH spot exchange-traded funds (ETFs) recorded $65.14 million in inflows on July 29—their 17th consecutive day of gains—while BTC ETFs added $157.03 million, with BlackRock dominating contributions at $147.36 million for BTC and $131.95 million for ETH [6]. This institutional activity has fueled optimism in altcoin markets, with projects like Solana (SOL) and Sui (SUI) attracting new infrastructure partnerships, including ARK Invest’s selection of SOL Strategies for staking and Mill City Ventures III’s $450 million private placement to establish a SUI treasury [6].

Despite institutional enthusiasm, investor caution persists. The crypto fear and greed index has dropped to 63, reflecting heightened risk aversion [6]. Sean Dawson of Derive.xyz notes Bitcoin’s 30-day at-the-money (ATM) volatility has fallen to 36%, the lowest in two weeks, but anticipates increased volatility over the next 90 days compared to the next 30 [6]. Ethereum’s prospects have also improved, with its 45% probability of reaching $4,500 by August 29 marking a significant jump from 5% in early July [6].

While some altcoins, such as Tron (TRX) and PancakeSwap (CAKE), have bucked the downtrend—TRX rising 2.3% to $0.3294 and CAKE consolidating at $3.00 after a 28% surge—others like Dogecoin (DOGE) and Jupiter (JUP) have faced steeper losses, down 7.7% and 9.4%, respectively [6]. XRP, Ripple’s native token, has shown resilience, gaining 44% in July and 420% year-to-date amid legal clarity and ETF-related optimism [6].

Looking ahead, forecasts highlight divergent trajectories. Build On BNB (BOB) is projected to rise 99.47% in 2025, reaching $0.07627 by year-end, though analysts caution that macroeconomic risks—such as U.S. Federal Reserve interest rate decisions and trade policy shifts—remain critical for the broader market’s stability [3][6].

Source: [1] Binance Coin (BNB) Hits Record $846.73 High, Faces Key Resistance, [https://www.ainvest.com/news/binance-coin-bnb-hits-record-846-73-high-faces-key-resistance-level-2507] [2] PancakeSwap (CAKE) Consolidates at $3.00 After 28% Surge, [https://blockchain.news/news/20250729-pancakeswap-cake-consolidates-at-300-after-28-surge-technical-analysis] [3] Build On BNB (BOB) Price Prediction, [https://www.bitget.com/price/build-on-bnb/price-prediction] [6] Why Is Crypto Down Today? – July 29, 2025, [https://cryptorank.io/news/feed/0a7ea-why-is-crypto-down-today-july-29-2025] [10] Bitcoin Price Steady Near $119K While Altcoins Fall Sharply, [https://www.goodreturns.in/news/cryptocurrency-prices-today-july-29-bitcoin-price-steady-near-119k-while-altcoins-fall-sharply-1445669.html]