Daily Crypto Signals: Bitcoin Consolidates Near $116K as BNB Surges 10%
Bitcoin remains range-bound between $114,000 and $117,200 as traders await crucial Fed data releases this week, while BNB breaks out with
Quick overview
- Bitcoin remains range-bound between $114,000 and $117,200 as traders await key Fed data releases this week.
- BNB experienced a significant 10% rally over the weekend, reaching new highs above $1,000.
- China launched its first regulated CNH-pegged stablecoin, intensifying global stablecoin competition.
- Flora Growth announced a $401 million treasury initiative to support AI infrastructure projects, highlighting institutional interest in blockchain and AI convergence.
Bitcoin BTC/USD remains range-bound between $114,000 and $117,200 as traders await crucial Fed data releases this week, while BNB BNB/USD breaks out with a 10% weekend rally to establish new highs above $1,000. Meanwhile, the global stablecoin competition intensifies with the launch of China’s first regulated CNH-pegged token and significant treasury moves backing AI infrastructure projects.
Crypto Market Developments
The cryptocurrency market had a mixed weekend. Bitcoin stayed in its consolidation pattern, but BNB stood out as the best performance. AnchorX launched the first regulated Chinese yuan-pegged stablecoin, which was a big move in the global stablecoin competition as China tries to take the lead over the US dollar in digital currency markets.
Flora Growth, a company listed on the Nasdaq, made a big move in the corporate crypto world by announcing a $401 million treasury initiative to support Zero Gravity (0G), a blockchain startup that works on decentralized AI infrastructure. The company aims to change its name to ZeroStack and keep its FLGC ticker. It will have $35 million in cash and $366 million in digital assets, mostly 0G tokens. The acquisition was led by DeFi Development Corp., a business that manages the Solana treasury. This shows that more and more institutions are interested in the convergence of AI and blockchain.
Changpeng Zhao’s YZi Labs put more money into Ethena, the company behind the USDe stablecoin, to help it grow on the BNB Chain and make the USDtb stablecoin, which is backed by treasury assets like BlackRock’s BUIDL fund. This move fits with YZi’s goal of helping the financial ecosystem build scalable digital dollar infrastructures.
Bitcoin’s Rangebound Trading Between $114K and $117K
As BTC/USD stayed around $116,000 heading into the weekly close, traders kept an eye on important price marks. The Bitcoin is stuck between support at $114,000 and resistance at $117,200, two levels that have been important in recent trading sessions. Rekt Capital, a well-known analyst, pointed out that the $114,000 support level was successfully retested. He also noted that there is still resistance at $117,200, which creates a range-bound construction that will show how strong the top resistance is.
Bitcoin is likely to be very volatile in the following week. The Personal Consumption Expenditures (PCE) index, which the Federal Reserve uses to measure inflation, will be released on September 26. Several members of the Federal Reserve, including Chair Jerome Powell, will speak this week after the first interest rate cut of 2025. CME Group’s FedWatch Tool data shows that most people in the market think there will be another 0.25% drop at the next Fed meeting on October 29. Traders like Daan Crypto Trades and Ted Pillows talked a lot about the consolidation pattern. They said that $112,000 and $118,000 are important short-term levels to watch for direction.
BNB Surges Past $1,000 Over the Weekend
BNB showed incredible power over the weekend, rising more than 10% as the rest of the crypto market stayed mostly the same. The Binance-linked token hit a new all-time high of $1,083.50 before dropping down a little. It did far better than other cryptocurrencies and entered the price discovery zone. But the rise pushed the relative strength index (RSI) on the four-hour chart into overbought territory. This means that there is a chance of a short-term pullback toward the 20-4H exponential moving average near $1,012.
Technical analysis shows that BNB is in a good position above the $970 support level, which is the lower trendline of its larger ascending channel pattern that has been in place since June. Analyst Gael Gallot said that the consolidation was healthy, with trading volume reaching $3.28 billion during the latest move and a long-short ratio of 17.71 showing that people were positive.
The breakout from a long-term cup-and-handle pattern suggests that the price will reach between $1,250 and $1,565 by the end of the year. This is backed up by BNB’s Net Unrealized Profit/Loss (NUPL) indicator returning to the optimism-anxiety zone, which was last seen during the 2020-2021 bull surge. This technical setup, along with solid on-chain fundamentals, puts BNB in a position to have its most bullish phase of the current cycle.
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