BGB Token Price Faces Fresh Pressure to Fall Below $1 After Bitget Hack

The price of BGB token is facing fresh pressure to fall below $1 after the Bitget hack, which has damaged the market narrative and introduced a fundamental confidence problem. The token's price struggles below the $2.0-$2.20 resistance belt, closely tracking the middle trendline of a falling wedge that developed since late 2024 when BGB peaked near $8.50.

The recovery attempt in July 2026 briefly brought the token above this zone, but it has since run into an even uglier backdrop. The $357 million Bitget hack has raised trust concerns among traders and investors, which is crucial for BGB's price movement.

Technical patterns can attract buyers, but confidence can disappear much faster than a trendline recovers. Questions surrounding the stolen funds have clouded the recovery picture, with updates indicating that fund recovery doesn't appear to be in a healthy state. The Bitget hacker has reportedly swapped stolen ETH into BTC from the $387.5 million exploit.

Bitget has resumed withdrawals in phases and assured users that they will be fully covered whether the stolen funds are recovered or not. If BGB fails to reclaim the $2.0-$2.20 resistance belt, selling pressure could intensify, potentially leading to a break below the $1 support level.