Bitcoin (BTC) and Binance Coin (BNB) Predictions for August 10
Binance Coin (BNB) has seen a 2.02% increase over the last 24 hours, trading at $515.4 according to CoinMarketCap. The price is showing bullish tendencies with a potential rise to the $520 zone and above. If it breaks the nearest resistance, it could test the $530-$540 range next week. Should the weekly bar close near its peak, BNB could potentially reach the $560-$600 range by the end of the month.
Bitcoin (BTC) has remained stable with its price at a local support level of $60,247. If it closes at this level, a further drop to the $60,000 area is possible. However, on a larger time frame, a rebound to the €64,000 zone could occur if the rate returns to €62,154. Sideways trading in the range of $58,000-$64,000 is anticipated for the rest of the month.
BNB has also been impacted by market downturns and bearish sentiment, partly due to $5.37 billion worth of inflows to Binance since August 5th, indicating market panic. Despite trading below crucial support levels, including $505, there are signs of potential short squeezes. The recent price action suggests that surpassing $514 could help overturn the negative market sentiment.
Despite previous volatility, BNB's recent 8.95% surge past $500 highlights its recovery strength. Technical indicators suggest a bullish trend reversal towards $700, although the 1.272 Fibonacci extension level at $787 may act as resistance. This reflects significant buying interest and underlying demand, which could moderate the uptrend.
