BNB price gained momentum on Monday, October 19, rising 1.19% in 24 hours to $726.02 as the broader cryptocurrency market showed signs of recovery. The rebound followed BNB Chain’s 37th quarterly token burn, which permanently removed approximately 1.65 million BNB worth nearly $1.2 billion from circulation.
The global crypto market capitalization increased 1.2% to $2.74 trillion, supporting renewed investor confidence. Bitcoin traded above $82,170, Ethereum climbed toward $2,400, and XRP hovered near $1.30.
According to the BNB Foundation, the latest quarterly burn eliminated 1,646,196.44 BNB, valued at approximately $1.197 billion. Following the event, BNB’s circulating supply stood at 131,512,085 tokens.
The burn forms part of BNB Chain’s long-term deflationary strategy, which aims to reduce the total token supply to 100 million BNB. Its Auto-Burn mechanism calculates quarterly reductions based on BNB’s market price and the number of blocks produced on BNB Smart Chain.
The foundation also adjusted its burn formula following increased block production resulting from the Lorentz and Maxwell network upgrades.
Unlike exchange-controlled token reductions, BNB’s quarterly burns operate directly on the blockchain through a transparent mechanism. Additionally, the BEP-95 protocol continuously destroys a portion of transaction gas fees, further reducing circulating supply.
Meanwhile, BNB price technical indicators suggest improving bullish momentum. On the four-hour chart, the Relative Strength Index (RSI) stood at 51, indicating neutral conditions with a slight upward bias.
The Moving Average Convergence Divergence (MACD) indicator also showed strengthening momentum, with the MACD line at -1.99, above its signal line of -3.74. A positive histogram reading of 1.75 suggested easing selling pressure.
BNB currently faces immediate resistance around $730. A sustained breakout above this level could open the door for a rally toward the $750 psychological resistance zone.
However, failure to maintain bullish momentum could push BNB price back toward the $720 support level. Further weakness may trigger a decline toward $705–$710, with $700 emerging as the next major downside target.
While the $1.2 billion BNB token burn strengthens the cryptocurrency’s deflationary outlook, a sustained price recovery will depend on broader market sentiment and buyers overcoming nearby resistance.
