BNB price fluctuated between $1,070 and $1,200 on Sunday, Oct 19 as Binance Wallet banned 600 user accounts for automated bot trading misuse.
By Ibrahim Ajibade
Editor Kirsten Thijssen
Updated
3 mins read
Binance Wallet, the custody service arm of the world’s largest cryptocurrency exchange, announced the closure of 600 user accounts on Sunday, citing fraudulent use of automated trading tools during the recent market turbulence.
BNB price plunged to intraday lows of $1,070 within an hour of the post, before rebounding to $1,120.
Technical indicators on the BNB/USDT daily chart highlight the $1,350 level as a key resistance to watch in the week ahead.
On October 19, Binance Wallet published a statement on X alerting users to the shutdown of more than 600 wallets for misusing Binance Alpha, a token discovery platform designed to provide early access to promising crypto projects.
Dear User,
In-line with our commitment to protect our users and provide a fair platform, last week we banned over 600 accounts that had misused Binance Alpha by fraudulently using automated tools (e.g. “bot farms”).
We are enhancing our user feedback mechanism, and we… pic.twitter.com/97osYbmVqD
— Binance Wallet (@BinanceWallet) October 19, 2025
Binance also encouraged community participation, offering a reward of up to 50% of the recovered funds from any reported fraudulent account.
BNB price fluctuates between $1,070 and $1,120 as Binance Wallet shuts 600 user accounts on Sunday Oct 19 | Source: Coinmarketcap data
While BNB price initially reacted negatively, sentiment quickly recovered, aligning with rival layer-1 (L1) altcoins, as Solana (SOL), Ripple (XRP), and Tron (TRX) all saw gains ranging from 2% to 3% respectively on Sunday.
The news follows Friday’s $1.2 billion market-wide liquidation, which triggered a temporary sell-off across major altcoins. As weekend trading volume normalized, BNB mirrored the sector-wide recovery, inching closer to $1,120 at press time.
BNB price has shown notable resilience after last week’s market-wide drawdown, forming a possible triple top pattern near $1,350. The chart shows a clear double-top pattern at $1,358 and $1,375, where prior rallies on October 7 and October 13 both failed.
The Bollinger Bands (20, 2) currently show the mid-band support around $1,167, with the upper band sitting near $1,346.9.
The Parabolic SAR dots trail below current price action around $930.9, suggesting bulls remain in firm control. However, volatility remains high following last week’s flash crash, as indicated by widened Bollinger channels.
BNB price forecast, Oct 19, 2025 | TradingView
On momentum indicators, MACD (12, 26, close) shows a mild bullish crossover forming, with the MACD line at 28.9 rising toward the signal line at 51.8. This setup suggests an early stage of recovery momentum, although not yet confirmed.
Meanwhile, BBP (13) remains negative at -109.7, signaling that bulls still face strong overhead resistance.
For confirmation, bulls need to push the price above $1,350 and close above $1,360 to validate a breakout. Such a move could open the door to a sharp rally toward $1,500, coinciding with the previous ascending trend channel from late September.
On the downside, failure to sustain support at $1,060 would invalidate the bullish setup and expose the $950 level.
Binance’s anti-bot measures could stabilize investor confidence, offering BNB fresh upside potential if buying momentum returns in the week ahead.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
