Bitget Token (BGB) price today is trading at $4.97, consolidating after a sharp spike toward $5.50 earlier this week. The move came as Bitget announced a major supply cut and a strategic partnership with Morph, sending traders rushing to price in long-term scarcity. While momentum has cooled, the token is holding above key support zones that could set the stage for its next leg.
BGB Price Tests Triangle Resistance
The daily chart shows that BGB is pushing against the top edge of a long-term descending triangle. The price briefly went above $5.30 before falling back to $4.97, leaving a wick that shows people are taking profits in the near term.
The 20-day and 50-day EMAs are clustered at $4.70 and $4.62, which is where support is. The broader base of the structure is at $4.47, which could be a deeper test. If it breaks through $5.35, it would confirm a breakout and could lead to $6.00 in the next few weeks.
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RSI is close to 60, which shows that the market is bullish but not too far ahead of itself. This means that buyers could keep going if they get back on track above the immediate resistance.
Supply Shock After $1.09B Burn
Blockchain records show that fundamentals turned very bullish after 220 million BGB ($1.09 billion) was burned and another 220 million was locked in a new wallet. This lowers the amount of coins in circulation and links future burns to activity on the Morph network.
As part of the partnership, BGB will be Morph’s gas and governance token, which will make it a part of a larger ecosystem. Analysts say that lowering the supply to around 100 million tokens puts BGB in the same category as deflationary exchange tokens like BNB and OKB, which have historically supported long-term price increases. The effect is already clear in the way traders think, as they now see $5 as a new psychological anchor. To make sure the burn doesn’t turn into a short-lived rally, there needs to be steady demand.
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Short-Term Momentum Signals Remain Mixed
On the 4-hour chart, the Supertrend flipped bullish near $4.72 but remains vulnerable with price consolidating under the $5.34 line. Directional Movement Index (DMI) readings show positive directional strength (blue) fading against ADX declines, pointing to weakening short-term trend power.
A failure to reclaim $5.20–$5.35 quickly may leave BGB vulnerable to another test of $4.70 support. Conversely, a clean retest and bounce above $5.35 would restore momentum and set sights on $5.80–$6.00.
Outlook: Will BGB Go Up?
Bitget Token’s outlook depends on whether the market sustains the bullish momentum from its record supply reduction. The burn and Morph partnership provide strong fundamentals, but technical resistance near $5.35 remains the immediate hurdle.
If bulls hold price above $4.70 and push through $5.35, the path opens toward $6.00 in the near term. On the downside, losing $4.62 would likely expose the $4.47 base, a key level that must hold to prevent a deeper retracement.
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BGB Price Forecast Table
| Indicator / Level | Bullish Scenario | Bearish Scenario |
| Key Support Levels | $4.70, $4.62, $4.47 | Break below $4.47 exposes $4.20 |
| Resistance Levels | $5.20, $5.35, $6.00 | – |
| RSI (Daily) | 60, room for upside | Drop below 50 shifts bias bearish |
| Token Supply | Burn reduces float, long-term bullish | Lack of demand despite burn |
| Trend Indicators | Supertrend bullish above $4.72 | Flip bearish if price loses $4.62 |
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