Binance Coin Recovery Meets Resistance as Bulls Target $1,200

Binance Coin (BNB) has reclaimed the $1,000 level, signaling renewed bullish momentum. Analyst Cipher X identifies $1,040 as the key breakout zone that could confirm a larger bullish reversal.

However, Myriad Markets data shows 64.7% of traders expect the altcoin to stay below $1,069, highlighting mixed sentiment and near-term consolidation risk ahead of November 13.

BNB Reclaims $1,000 Level After Recent Pullback

Binance Coin has regained strength above the $1,000 mark after a brief pullback, according to analyst Cipher X.. The move indicates a return of bullish activity following a consolidation phase that kept price action range-bound for several sessions. The $1,000 level now acts as a short-term support zone, suggesting renewed buyer confidence around this psychological threshold.

BNBUSDT Chart | Source:x

Cipher X identified $1,040 as the key level that could define the next directional move. A confirmed breakout and sustained close above this threshold could shift its structure into a fully bullish setup. The analyst noted that resistance lies near $1,120 and $1,200, areas where traders might encounter volatility or short-term profit-taking as momentum develops.

Market Forecast Shows Divergence in Trader Sentiment

Despite the technical recovery, trader sentiment remains cautious heading into the week. Myriad Markets’ latest forecast shows a bearish lean among participants, with 64.7% expecting the token to stay below $1,069 by Friday at noon UTC. Meanwhile, only 35.3% anticipate a move above that level.

BNB Chart | Source:x

The forecast, based on a prediction market with a total value locked of $1.94k, reflects mixed sentiment following its rally. Data over the past 24 hours reveals steady consolidation in trader positioning, with bearish bets holding near the 60%–65% range. This indicates that many traders remain unconvinced of an imminent breakout, expecting price resistance to persist around $1,069 — a level that aligns with earlier rejection zones observed on the charts.

Key Technical Levels Define Short-Term Structure

Chart data shows the asset trading at $998.59, marking a 1.53% decline in the past 24 hours. The price briefly reached $1,010 before retracing toward the $980–$990 range, forming a descending pattern that stabilized near $985. This area has acted as a short-term support base, suggesting continued defense by buyers against deeper losses.

BNBUSD 24-Hr Chart | Source: BraveNewCoin

Despite the minor correction, trading volume remains robust at $1.88 billion, while market capitalization stands near $136.9 billion, maintaining its fifth position among global cryptocurrencies. The price’s ability to recover toward $1,000 before the daily close signals steady accumulation, even amid intraday fluctuations. A sustained hold above $985 could strengthen buyer momentum, positioning the token for a potential move toward $1,020 and, subsequently, the $1,040 breakout zone.

Bulls Eye $1,200 as Market Awaits Confirmation

Binance coin’s short-term outlook depends on its performance around the $1,040–$1,050 range. A successful hold above this region could pave the way for a rally toward $1,069, followed by higher resistance targets at $1,120 and $1,200. These levels remain crucial for confirming a broader upward continuation phase.

Conversely, if price action fails to stay above $980, the token could enter a temporary retracement phase, potentially revisiting the $950 support area before stabilizing again. While sentiment across derivatives and prediction markets remains divided, the broader technical structure continues to show resilience near key psychological zones.

As the market approaches the November 13 deadline observed by Myriad Markets, attention remains focused on whether its buyers can maintain upward momentum beyond the $1,040 resistance. A confirmed breakout could transform the current consolidation into an expansion phase, marking a decisive step in Binance Coin’s pursuit of the $1,200 target.