In a significant market development, Binance Coin (BNB) has showcased a bullish crossover, highlighted by the 50-day moving average moving above the 100-day moving average. This technical indicator has many traders buzzing about the potential for BNB to soar, especially if it can break the crucial $600 resistance level with substantial trading volumes.

Currently, BNB is trading around $595 and has experienced repeated challenges in propelling past the $600 mark. However, a favorable turnaround may be on the horizon, as various bullish signals have been detected in the market. Over the past month, BNB has closely tracked Bitcoin (BTC) and gained noteworthy momentum, recording a solid 30-day increase of 9%.

Analyzing BNB's Price Action

The persistent rejection at the $600 price point suggests that many sellers are cashing in their profits at this level. Still, the recent bullish crossover on the daily chart indicates a stronger short-term momentum compared to the long-term perspective, signaling that a breakout may be imminent. This is compelling for buyers who often look for such indicators as timely entry points.

Noticeably, buying activity is becoming more pronounced, as seen in the volume histogram, where purchasing volumes are outpacing selling volumes. The Chaikin Money Flow (CMF) also sits at 0.30, demonstrating that buyers are in control of the market. A strong increase in the CMF suggests a robust buying momentum that isn't waning anytime soon.

The $700 Target: What Lies Ahead?

If these buying pressures sustain, we may witness a remarkable rally that could see BNB eclipse the psychological $700 price level. A distinct market factor contributing to the anticipated trading volumes is the recent release of former Binance CEO, Changpeng Zhao, from incarceration on September 29th. His freedom is likely to cultivate renewed investor interest.

However, traders should remain vigilant as BNB may initially continue to reflect the broader cryptocurrency market's volatility. Preliminary support likely lies at the 0.786 Fibonacci retracement level around $585, and a retest of this price could occur if price fluctuations remain erratic.

A Look at Liquidation Data

Further analysis from Hyblock Capital's liquidity heatmap reveals a crucial zone between $600 and $630, indicating significant liquidation levels. Should BNB's price stretch into this territory, we could witness a short squeeze where traders with short positions are compelled to buy BNB to cover losses, ultimately leading to more upward pressure on the price.

This data simultaneously confirms that the $600-$630 range is a formidable resistance barrier. A successful breach of this zone could signal a decisive shift in market sentiment favoring bullish traders.

The Futures Market

Additionally, in the futures market, interest in BNB remains strong, with open interest reported at $620 million as of the latest update, although this is a slight drop from a three-month high of $677 million recorded on September 24th.

As BNB navigates its potential to hit $700, crypto enthusiasts and investors alike are watching closely. Will the bullish momentum prevail? Only time will tell, but all signs are pointing toward an exciting phase for BNB and its investors.