Key notes
- Binance Wallet banned 600 user accounts for bot trading on Binance Alpha during last week’s stock market crash.
- BNB price fell to $1,070 before rebounding to $1,120 hours after the announcement.
- Technical charts show resistance at $1,350 as BNB price appears to form a potential triple top structure.
Binance Wallet, the custodial 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 recent market turmoil.
BNB price plunged to an intraday low of $1,070 less than an hour after the release, before rebounding to $1,120.
Technical indicators on the BNB/USDT daily chart highlight the $1,350 level as a key resistance to watch over the coming week.
Binance Wallet Bans 600 Accounts in Crackdown on Bot Trading
On October 19, Binance Wallet released a statement on
Dear user,
In line with our commitment to protecting our users and providing a fair platform, last week we banned over 600 accounts that had abused Binance Alpha by fraudulently using automated tools (e.g. “bot farms”).
We are improving our user feedback mechanism and… pic.twitter.com/97osYbmVqD
– Binance Wallet (@BinanceWallet) October 19, 2025
Binance also encouraged community participation, offering a reward of up to 50% of funds recovered from any reported fraudulent accounts.
BNB price fluctuates between $1,070 and $1,120 as Binance Wallet closes 600 user accounts on Sunday, October 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 sell-off, which triggered a temporary sell-off in major altcoins. As weekend trading volume normalized, BNB mirrored the sector-wide recovery, closing in on $1,120 at press time.
BNB Price Forecast: Will BNB Form a Triple Top Above $1,350?
BNB price showed notable resilience following last week’s market-wide decline, forming a possible triple top near $1,350. The chart shows a clear double-top trend at $1,358 and $1,375, where the previous rallies on October 7 and 13 both failed.
The Bollinger Bands (20, 2) currently show median support around $1,167, with the upper band near $1,346.9.
Parabolic SAR points are below the current price action around $930.9, suggesting that bulls remain in firm control. However, volatility remains high following last week’s flash crash, as indicated by the widening Bollinger channels.
BNB Price Forecast, October 19, 2025 | Trading View
On momentum indicators, the MACD (12, 26, close) shows a slight bullish crossover, with the MACD line at 28.9 rising towards the signal line at 51.8. This configuration suggests the beginning of recovery dynamics, although this has not yet been confirmed.
Meanwhile, BBP(13) remains negative at -109.7, signaling that the 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 for a strong rise towards $1,500, coinciding with the previous ascending trend channel from late September.
On the other hand, failure to hold support at $1,060 would invalidate the bullish setup and expose the $950 level.
Binance’s anti-bot measures could stabilize investor confidence, providing BNB with further upside potential if buying momentum returns in the coming week.
following
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article is intended to provide accurate and current information, but should not be considered financial or investment advice. Because market conditions can change quickly, we encourage you to verify the information for yourself and consult a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with experience supporting various Web3 startups and financial organizations. He completed his undergraduate degree in Economics and is currently studying for a Master’s degree in Blockchain and Distributed Ledger technologies at the University of Malta.
Ibrahim Ajibade on LinkedIn
