I concluded an April 23, 2026, Barchart article on Bitcoin and COIN shares with the following:
I believe the case for higher Bitcoin and cryptocurrency prices is compelling in the current environment. The technical break on the upside only validates the bullish case for the asset class. As the leading U.S. cryptocurrency platform, COIN shares stand to gain alongside cryptocurrencies. Therefore, I reiterate my buy recommendation for the shares.
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Bitcoin traded at $79,125.25 on April 22, with COIN at $211.10 per share. Bitcoin reached an $82,812.95 high on May 6, and COIN shares reached $222.35 on May 14, but the leading cryptocurrency and the U.S. trading platform lost upside momentum and were lower than their levels on April 22 by mid-June 2026.
A bearish trend in Bitcoin
After plunging 52% from the October 6, 2025, record high to the February 6 low, Bitcoin made higher lows and higher highs, peaking on May 6, 2026, before running out of upside momentum.
The nine-month daily chart shows that the trend has turned bearish, with Bitcoin falling below the February 6 low. The next technical support target is $49,784.02, the August 2024 low. The break below the February low set the stage for a deeper correction that took Bitcoin to $59,073.01 on June 5.
COIN follows the leading cryptocurrency
Shares of Coinbase Global (COIN) are following Bitcoin. COIN shares reached a record high of $444.64 on July 18, 2025, and fell 68.7% to a low of $139.26 on February 12, 2026. COIN was more volatile than Bitcoin on a percentage basis from its record high to its most recent low.
COIN shares recovered to a high of $222.35 on May 14, 2026, before turning lower. The first technical support level was at the March 30, 2026, low of $158.6, with critical technical support at the February 12, 2026, low of $139.36 per share. While Bitcoin broke below its first technical support, COIN shares have held above the mid-February 2026 low. However, bearish trends in Bitcoin and cryptocurrencies cause trading volumes to decline, impacting COIN’s revenues.
Bitcoin’s February lows did not hold
After recovering 36.8% and 59.6% respectively, Bitcoin and COIN ran out of upside steam, with prices falling below $60,000 on Bitcoin and under $148 per share on COIN.
Bitcoin has already fallen below its February 2026 low, and COIN could be on a path to challenge its support, which is a critical technical support level. While Bitcoin is highly volatile, COIN has been even more volatile in percentage terms. Therefore, COIN is likely to continue to provide leverage to the price action in the leading cryptocurrency.
A moment of truth for the cryptocurrency and platform is upon us, as bearish trends point to even lower lows.
Buying scale-down has been optimal
A break below critical technical resistance may not be bad news for long-term investors, traders, and speculators who realize that buying Bitcoin and other crypto-related assets like COIN on a scale-down basis during corrections has been optimal over the past decade and a half. However, picking bottoms is dangerous, as markets can fall far below reasonable, logical, and rational prices, defying technical and fundamental analysis. Therefore, buying Bitcoin or COIN shares during the current bearish price action requires wide-scale positioning that accounts for a deeper correction.
The risk reflects the past rewards
In any market, the potential for rewards comes with commensurate risks. Since cryptocurrencies have exhibited unprecedented price volatility, risk-reward dynamics are magnified. Anyone dipping a toe into the cryptocurrency asset class, including tokens and related assets, must understand that while there is potential for substantial profits, there is also the risk of a total loss. Therefore, allocating capital that one is willing to lose is a crucial prerequisite for participating in the asset class.
Time will tell if Bitcoin and COIN will continue to reach lower lows. Eventually, a bottom could ignite explosive rallies, while recent declines could have set the stage for price carnage, as the next technical support for Bitcoin is below $50,000 per token and below $115 for COIN shares. However, the price history suggests that bottoms and rallies are most likely when the asset class finds its next significant bottom. A test of the next support levels is not out of the question, but could be an opportunity.
On the date of publication, Andrew Hecht did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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