BNB hits $883 ATH – Can it break $1K despite THIS hurdle?

Key Takeaways

BNB printed a new ATH as bulls re-group for a potential move above $900. With a whopping $2 billion inflows in August, is $1K next on the line? 

Binance coin [BNB] has printed a new all-time high (ATH) of $883 after a relief rally on the 20th of August. 

The altcoin jumped 5.45% to $881 on the day, briefly extending gains to $883 before showing signs of a slight pullback. At press time, the coin was trading at $850.

With this momentum, the key question now is whether BNB can break through the $900 barrier and reach the psychologically significant $1000 mark.

Source: BNB/USDT, TradingView

Crypto treasury demand woes, but skew remains bullish

Both Bitcoin [BTC] and Ethereum [ETH] have enjoyed multiple demand from crypto treasuries and ETFs. 

The same trend has been observed in Solana [SOL]. However, BNB’s momentum may face a temporary setback.

Windtree Therapeutics recently announced a $500 million plan for a BNB treasury. But Nasdaq has issued a notice to delist Windtree’s common stock due to non-compliance with listing requirements.

As of now, the company has not clarified how this delisting will affect its BNB treasury initiative. Given that Windtree is the first firm to launch a BNB treasury, this uncertainty could dampen demand in the short term.

Despite this, market sentiment around BNB remains bullish. A sharp rise in Delta Skew for 1-week and 1-day tenors indicates strong demand for short-dated call options, bullish bets.

Moreover, over $2 billion flowed into the BNB market in August. Realized Cap surged from $88 billion to a record $90.4 billion in just three weeks, highlighting growing investor interest in the altcoin.

Source: Glassnode

When zoomed out on the price charts, the immediate hurdle was the multi-year trendline resistance since 2021.

Since the 2.618 Fib extension level also aligned with $1K, clearing $900 could push bulls to the psychological level ($1K). 

Source: BNB/USDT, TradingView

Interestingly, the Options market also expressed a similar outlook. In the past 24 hours, call buyings (bullish bets) were concentrated at $900 and $920.

On the other hand, the main target for puts (bearish bets) was $820. 

In other words, Option traders were betting on a rebound at $820 with a potential move to a new ATH above $900. 

Source: Laevitas

Overall, $1K was still on the cards for BNB. But bulls were concerned with clearing the $900 level first before embarking on the $1K target.