BNB Hits $846.73, Faces Critical Resistance as $850 Threshold Tests Bullish Momentum

BNB surged to $846.73 this week, encountering a critical resistance trendline that has historically capped gains since late 2023. This level, defined by two prior price peaks that triggered sell-offs, now poses a pivotal technical test for Binance Coin. While strong weekly candlestick patterns and rising trading volume suggest bullish momentum, past rejections at this threshold have left traders wary of potential profit-taking or consolidation [1].

The trendline, which has resisted upward movement for over a year, represents a psychological and technical barrier. Analysts highlight that a sustained break above $850 could signal a shift in market dynamics, transforming the resistance into support. Such a move would likely attract further buying pressure, potentially propelling BNB toward $1000. Anup Dhungana, a crypto analyst, noted that a successful breakout would confirm "full control by bulls" and position the $1000 level as a near-term target, provided the trendline flips into support [2].

Historical price action adds complexity to the current setup. Previous attempts to breach the trendline in late 2024 and early 2025 ended in bearish reversals, reinforcing the level’s significance. Traders are now closely monitoring whether the current rally avoids forming a double top—a pattern often associated with reversals. Failure to clear $850 could trigger a pullback into the $750–$850 range, where volatility has historically persisted [3].

Market participants are adjusting positions ahead of a potential resolution. Some traders are locking in profits at current highs, while others await confirmation of a breakout above $850. BNB’s recent performance, including a record weekly close on July 28, underscores the token’s resilience amid cautious sentiment. However, caution remains warranted, as TradingView technical analysts emphasize that historical precedents suggest the $850 range could mark another local peak if the trendline fails [4].

The broader market context also favors caution. Despite the bullish tilt on exchanges like Binance, the absence of a definitive breakout means the resistance remains a key focal point. Investors must navigate the tension between strong on-chain metrics—such as sustained volume growth—and the risk of a short-term reversal. As Dhungana noted, the market’s next move will hinge on whether BNB’s buyers maintain dominance in the coming sessions [5].

BNB’s ability to hold above $846 will be critical in the short term. A sustained close beyond the trendline could validate the bullish case, while a retest of the level as support would likely determine the token’s trajectory. For now, the $1000 milestone remains a contested goal, with traders and analysts alike bracing for a decisive outcome in the near future.

Source: [1] [BNB Weekly Chart Signals Caution Amid Strong Rally] [https://cryptonewsland.com/bnb-hits-846-12-month-resistance-challenge/] [2] [Traders Eye Flip to Support Before $1000 Push] [https://cryptonewsland.com/bnb-hits-846-12-month-resistance-challenge/] [3] [Will Resistance Hold or Fuel the Next Breakout?] [https://cryptonewsland.com/bnb-hits-846-12-month-resistance-challenge/] [4] [Will Resistance Hold or Fuel the Next Breakout?] [https://cryptonewsland.com/bnb-hits-846-12-month-resistance-challenge/] [5] [Traders Eye Flip to Support Before $1000 Push] [https://cryptonewsland.com/bnb-hits-846-12-month-resistance-challenge/]