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

$BGB is once again under selling pressure, with the token struggling to build momentum beneath the $2.0–$2.20 resistance belt. The zone closely tracks the middle trendline of a falling wedge pattern that has been developing since late 2024, when $BGB peaked near $8.50.

Token Remains Trapped Below Resistance

The setup looked considerably less bleak in July 2026, when $BGB briefly began to climb. The recovery, however, has since run into a much harsher backdrop. The $357 million Bitget hack has changed the conversation around the token, with trust now emerging as a major concern for traders and investors.

BGB is Bitget's exchange token, an asset whose utility is tied to the platform that issues it, placing platform-level security incidents squarely within the token's own narrative.

For $BGB, the shift matters. Technical patterns can attract buyers, but confidence can disappear far more quickly than a trendline can recover.

Hack Adds Another Layer of Selling Pressure

The recovery picture has also been clouded by unresolved questions surrounding the stolen funds. Updates indicate that fund recovery does not appear to be in a healthy state, while the Bitget hacker is reportedly swapping stolen $ETH into BTC from the $387.5 million exploit.

On-chain analytics platform Lookonchain flagged the movement, suggesting the attacker is rotating stolen $ETH into a harder-to-freeze asset ahead of potential further laundering attempts. Tracking of this kind has become a primary public window into how stolen funds move after major exploits, since attacker wallets can be followed in real time on public blockchains.

Bitget, meanwhile, has resumed withdrawals in phases and says users will be fully covered whether the stolen funds are recovered or not.

Can $BGB Fall Below the $1 Support?

This is where the technical and sentiment picture starts to look uncomfortable. If $BGB fails to reclaim the $2.0–$2.20 resistance belt, selling pressure could intensify. A break below the $1.0 support would leave the token in a far weaker position.

The falling wedge remains the broader technical structure, but the hack has introduced a fundamental confidence problem that charts alone cannot erase.

Alongside the chart levels, two non-technical threads now frame the story: Lookonchain's updates on the attacker's wallet movements, and the progress of Bitget's phased withdrawal resumption alongside its stated commitment to cover affected users.

For now, $BGB is caught between a long-running bearish structure and a damaged market narrative. Whether buyers can restore momentum remains the key question.