This past week, the BTC price struggled to clear key support levels and start a substantial uptick. The asset gained momentum in the past 24 hours to rally higher above the $10.5K level of support.
This decent recovery wave saw the BTC price surmount the resistance at $10.2K and $10.4K resistance levels to trade as high as $10,550.
The bulls appeared determined to push the coin above $10.6k but faced some selling pressure in this region.
BTCUSD has since corrected lower to trade at $10,329 during press time. The good news is that there is a rising channel forming with support near $10,400. Therefore, bulls can rally around this support base and drive the BTC price higher in the coming sessions.
BTCUSD chart by TradingView
A close near $10.6K would be a show of strength from the asset, as king coin would likely consolidate gains at that level before making another higher move on the charts.
BNB Price Surges By 15%
While BTC price and ETH struggle to gain sustained bullish momentum, Binance coin (BNB) surprised many traders after it surged by more than 15%.
In the last 24 hours, the BNB price managed to surge to a high of $30.82 before correcting slightly lower.
This surge means that BNB has surpassed Bitcoin cash (BCH) and Chainlink (LINK) to become the sixth-largest crypto according to data from CoinMarketCap.
The BNBUSD pair started its uptick last Wednesday when it broke the $22.00 resistance and remained stable above $21.50.
There was a close above $25.57 before the coin finally managed to surpass the resistance at $30.00 to trade at $30.4890 currently.
BNBUSD chart by Tradingview
BNB Benefits from Binance Smart Chain Launch
The impressive growth in the BNB price over the past few days coincided with the recent launch of the Binance Smart Chain (BSC). The new chain allows users to stake BNB tokens for lucrative rewards.
BSC supports smart contracts, which makes it fully compatible with the ETH blockchain. The chain is designed to foster the development of new and innovative DeFi products.
So far, top DeFi protocols on Ethereum, including Aave, dForce, and SwipeWallet, are reportedly already working to develop new products on BSC.
Binance’s smart chain is quickly establishing itself as a popular platform for dev teams on ETH. On Sep. 13, Binance CEO Changpeng Zhao tweeted:
“Binance Smart Chain (#BSC) transaction volume reached 10% of ETH network a couple days after launching. Let’s help bring down the gas fees.”