#BinanceCoin (BNB) is gaining renewed investor attention after completing its 32nd quarterly token burn, permanently removing over 1.59 million $BNB , valued at more than $1 billion, from circulation. This deflationary event has reduced the total supply to approximately 139.29 million tokens, reinforcing the token’s scarcity and long-term value proposition.
The market response was swift. Within 24 hours of the burn, #BNB rose nearly 2%, pushing above $670, and now trades around $676. With sentiment shifting and momentum building, the focus has turned to the next psychological level: $700.
Derivatives Market Signals Strength
The bullish reaction is not just reflected in spot prices. Derivatives data paints a compelling picture of strengthening investor conviction:
Open Interest surged to $781.5 million on July 10
Trading Volume rose 34% to $613.7 million
Long-to-Short Ratios show clear bullish bias:
Binance: 1.3776
OKX: 1.15
Top Binance traders: Account-based ratio of 1.1515, with a moderate position size ratio of 0.9089
These figures suggest traders are increasingly positioning for upward price action, while maintaining risk-aware strategies.
Technical Structure Supports a Bullish Outlook
BNB’s current technical setup adds further support to bullish sentiment:
The asset is trading above all major support levels:
50-day SMA: $656
100-day SMA: $632.79
150-day SMA: $628.33
This alignment forms a classic bullish structure, often seen ahead of breakout moves.
Additionally, momentum indicators are turning positive:
The MACD line has crossed above the signal line (5.06 vs. 2.51), signaling a shift in momentum.
The MACD histogram is rising, indicating growing buying pressure.
Key Levels to Watch
If BNB can convert $680 into a support floor, bulls are likely to test the $700–$720 resistance zone. A daily close above $710 could open the door to extended gains, with potential upside targets in the $740–$750 range.
However, failure to hold $660 could invite short-term selling pressure. Support near $640—aligned with the 100-day SMA—represents a critical level for maintaining the bullish structure. A decisive drop below this level may indicate a temporary pause or reversal in the current uptrend.
Long-Term Outlook Remains Constructive
Beyond short-term technicals, BNB’s deflationary tokenomics continue to play a central role in its investment thesis. Each quarterly burn reduces circulating supply, and when paired with renewed demand—as evidenced by increased derivatives activity and technical strength—BNB is positioned for sustained long-term appreciation.
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Key Takeaways:
Over $1 billion in BNB was burned, reducing supply to 139.29 million
Open interest hit $781.5 million, signaling increased institutional activity
Price now trades above all key moving averages, reinforcing bullish structure
MACD crossover and rising histogram support upward momentum
A break above $700 could trigger a rally toward $740–$750
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Conclusion:
BNB’s recent token burn and subsequent surge in derivatives activity highlight growing confidence among traders. With price action aligning above major technical supports and momentum indicators flashing bullish signals, a breakout above $700 appears increasingly likely—provided bulls can maintain current levels and capitalize on market sentiment.
