Bitget token [BGB] Spikes 16% beyond $ 5, but there is a risk!

Key control

BGB increased 16%, surpassing colleagues, but the distribution of concentrated token increased the risks of centralization. With merchants who favor the lengths on the shorts, is it the bullish conviction strong enough to cancel governance concerns?

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Bitget’s token price [BGB] It appeared above the $ 5 brand after an increase of 16% on September 2. These daily gains eclipsed weekly yields, which increased only 5%.

What fed the increase? A mixture of foundations and advertising bombs.

Bitget recently launched Chainlink’s [LINK] Reserve test, promoting the confidence of the operator in the transparency of the assets supported by the exchange.

In addition, tokens burns in progress have significantly reduced market supply, adding more support for prices stability.

Can the price of BGB recover $ 5?

On the lists, BGB briefly touched $ 5.44 before retiring. The chart per hour showed a clean gap of $ 4.81 to $ 5.13, breaking resistance to $ 4.81 and establishing a new support about $ 5.

If BGB maintained this impulse, the Bulls could observe $ 5.82 as the next obstacle, which could open the road to $ 6.

In addition to this, the technical signals supported the increase.

For example, the MACD was super optimistic after the vendors dominated since August 27. In addition, the RSI rose to the territory about 67, at the time of the publication, but decreased briefly below these levels.

RSI cooling indicated that buyers could continue to take the highest prices.

However, a lack of maintenance above $ 5 could return BGB to an action action, as well as its consolidation phase after August 13.

The owner’s distribution raises the red flags

According to Coinmarketcap, BGB holders reached 20,530 as of September 2. However, almost 72% of the supply sat in just 10 wallets, with the largest only keeping around 22%.

This imbalance in the tokens distribution represents a risk of price manipulation. Usually, safe trade tokens have participants who have 2 to 3% of the total supply.

Even so, if the whales chose to sit well, the circulating supply squeeze could continue to feed the rally.

The long derived bets

Meanwhile, the Coinglás liquidation map showed that the length of 25x and 50X were grouped between $ 4.44 and $ 5.20. This indicated that merchants bet more on the lengths, despite the risk.

At the same time, the cumulative leverage of long liquidation stood at $ 38.77 million, at the time of writing, which is more than 6 times greater than the short ones at $ 6.85 million. The short groups were thinner, with less visible liquidations beyond $ 5.44.

Naturally, this configuration hinted more space for rising pressure. However, with the property of the biased tab towards a handful of whales, the risk of sudden volatility remained.