BarButtonItemBinder.cs

using System;
using System.ComponentModel;
using System.Windows.Forms;
using DevExpress.XtraBars;

namespace BarButtonItemDataBindingExample
{
    internal sealed class BarButtonItemBinder : IBindableComponent
    {
        private readonly BarButtonItem barButtonItem;
        private BindingContext bindingContext;
        private ControlBindingsCollection dataBindings;

        public event EventHandler Disposed; 
        
        [Bindable(BindableSupport.Yes, BindingDirection.TwoWay)]
        public bool Enabled
        {
            get { return barButtonItem.Enabled; }
            set { barButtonItem.Enabled = value; }
        }

        public ISite Site { get; set; }

        public ControlBindingsCollection DataBindings
        {
            get { return dataBindings ?? (dataBindings = new ControlBindingsCollection(this)); }
        }

        public BindingContext BindingContext
        {
            get { return bindingContext ?? (bindingContext = new BindingContext()); }
            set { bindingContext = value; }
        }

        public BarButtonItemBinder(BarButtonItem barButtonItem)
        {
            this.barButtonItem = barButtonItem;
        }

        public void Dispose()
        {
            var handler = Disposed;
            if (handler != null)
            {
                handler(this, EventArgs.Empty);
            } 
        }
    }
}

UsageExample.cs

new BarButtonItemBinder(barButtonItem).DataBindings.Add(
    "Enabled", 
    viewModel, 
    "CanExecute");