The post Bitcoin Price On The Rise, Coinbase Stock $COIN To Follow The Bullish Trend? appeared first on Coinpedia Fintech News
The Bitcoin price has displayed a positive week as the coin has gained over 6% in its value with the last seven trading days. The star crypto has been maintaining a constant uptrend in its charts and has also managed to break out of its key resistance level of $28,000 recently suggesting a possibility of a massive price action in the coming days.
Daan Crypto Trades, a well-known full time crypto trader and investor with a substantial following of 345K+ on the “X” platform, has recently compared the Coinbase price vs the Bitcoin price.
Following the comparison the analyst concluded that the COIN price tends to follow the BTC footsteps as its price is affected in the similar manner as that of Bitcoin.
The analyst further assumes that if the price of Bitcoin gains momentum, The COIN price also displays a rise in its graph, and the case remains the same as when the BTC price loses momentum so does the Coinbase coin. Moreover, the analyst expected the Coin price to make some nice moves following the rise in Bitcoin’s price.
Further, the Coinbase has recently announced to locate its headquarters in Ireland as its European crypto hub which could result in a significant price action for the industry in the coming days.
Is BTC Price On The Verge Of A Breakout?
At the time of publishing, the BTC price was trading at $28,436.36. Bitcoin has gained massive momentum in the past week as the buying and selling power has increased significantly. The price has been trading in a consolidated range between $28,129 and $28,513 since three days now.
If the bulls break out of its key resistance at $29,000, the price will make a run toward its resistance level of $29,600. Further, if the market manages to hold the price at that level, the price will continue to rise and retest its $30,000 mark in the coming days.
On the flip side, if the bears overpower the bulls and a trend reversal occurs, the price will lose momentum, resulting in the price to dip toward its support level of $27,763.65 soon.
Moreover, if the BTC price fails to regain power, the price will continue to dip and test its lower support level of $27,403.25 in the coming days.