BNB climbs 5% to $597 as EU grants 12 MiCA approvals

EU regulators granted MiCA approval to 12 additional crypto firms, lifting BNB 5% to $597 as derivatives traders opened fresh long positions.

BNB rose 1.33% to $597 in 24 hours, extending a 5% weekly gain after EU regulators granted MiCA approval to 12 crypto firms. The broader crypto market cap climbed 0.72% to $2.19 trillion, with Bitcoin near $64,000, Ethereum above $1,860, and XRP at $1.06.

CoinGlass data shows BNB's long-to-short ratio reached 1.14 on Wednesday, its highest level in more than a month. Open interest climbed 4.05% to $985.79 million, with contracts hitting 1.64 million BNB coins, while trading volume rose 56.10% to $719.90 million.

The EU's latest MiCA update added 12 companies to the licensed Crypto Asset Service Provider register, bringing the total to 321. Three firms were also added to the non-compliant register. Ripple, which received full MiCA CASP authorization from Luxembourg's CSSF last month, can now offer regulated payment services across all 30 European Economic Area countries through its EU electronic money institution license.

BNB faces immediate resistance at $600, with a decisive close above the 100-day EMA at $602.69 potentially opening a path toward $616.89 and $641.50. Support sits at $590, with the demand zone between the 23.6% Fibonacci retracement at $586.45 and the 50-day EMA at $583.80 providing a secondary floor.

The combination of rising open interest, positive funding at 0.0031%, and a long-to-short ratio above one suggests new leveraged longs are entering the market. The Relative Strength Index sits near 64, above its moving average but not yet overbought, while the Chaikin Money Flow reads 0.05, indicating positive capital flow into BNB.

A sustained break below the $586.45-$583.80 demand zone would weaken the bullish setup and could trigger a correction toward $544.41. Conversely, a confirmed breakout above $602.69 could accelerate momentum toward the 38.2% Fibonacci retracement at $616.89, followed by the 50% level at $641.50 and the 200-day EMA at $648.76.

The MiCA approvals strengthen the regulatory foundation for compliant crypto platforms operating in Europe, a development that may attract institutional capital to the sector. For BNB, the combination of regulatory clarity and rising derivatives participation supports the case for a test of $610 in the coming sessions, though a failure to clear $600 would leave the token vulnerable to a pullback toward $582.

This article is for informational purposes only and does not constitute investment advice.