I asked if Bitcoin and COIN shares could hold their August 2024 lows in a June 11, 2026, Barchart article, when I concluded with the following:
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.
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Bitcoin was $61,866 per token on June 10, with COIN at $156.85 per share. In late July, Bitcoin and COIN were higher than the mid-June prices.
Bitcoin has held above critical technical support
After rising to a record high of $126,184.05 in October 2025, Bitcoin experienced another in a long series of brutal corrections.
The monthly chart shows that Bitcoin plunged 54.3% to a low of $57,717.55 in July 2026, shaking the confidence of even the most committed cryptocurrency supporters.
The price recovered to over $64,500 on July 27, 2026. Bitcoin held above the critical technical support level at the August 2024 low of $49,784.02 per token.
COIN is also holding above its support
Coinbase Global (COIN) is a leading cryptocurrency platform, and its shares track Bitcoin prices as activity tends to increase during rallies and decrease during corrections.
The monthly chart shows that COIN shares dropped 68.7% from a record high of $444.64 in July 2025 to a low of $139.18 per share in June 2026. COIN recovered above the $160 level on July 27, but the stock fell below technical support at the April 2025 low of $142.58 in February 2026 and reached a slightly lower low in June 2025.
Watch for a false bearish move
Bitcoin and COIN are highly volatile assets. It is virtually impossible to pick tops or bottoms in any market, as prices can rise or fall to levels defying rational, logical, and reasonable technical and fundamental analysis. Therefore, the potential for another leg lower, or a spike to lower lows that create a bottom, is possible. Therefore, sudden downside volatility could be a false breakdown, creating a buying opportunity.
The odds favor a return to higher prices
While cryptocurrency proponents continue to question the asset classes’ intrinsic value, the odds of the most bearish forecasts calling for Bitcoin to drop to zero, which would have a catastrophic impact on COIN, are low.
Meanwhile, the boom-and-bust price action over the past years suggests that Bitcoin and COIN will eventually form bottoms that give way to explosive rallies. A risk-off market environment could push prices lower, but a stable market environment and support from the U.S. administration favor a rebound. Given the past price action, a rebound could quickly become another parabolic rally.
A strategy for approaching the leading cryptocurrency and the platform’s shares
While not leveraged assets, Bitcoin and COIN’s volatility requires an approach similar to trading with leverage. I believe that the odds favor higher prices, but I would avoid a scale-down approach in case the prices experience significant downside over the coming weeks and months.
I suggest buying at current prices with a clear and defined risk-reward plan for stops and profit horizons. If Bitcoin and COIN fall to stop levels, stick to the stops. If they move higher, it is acceptable to increase the profit horizon, but always adjust the stop level higher to protect capital.
Given their volatility, I believe Bitcoin and COIN are best suited for trading rather than investing. Accepting small losses in the quest for oversized profits is optimal in the cryptocurrency asset class.
Price history suggests that Bitcoin and COIN will find bottoms. Time will tell if those lows are already established or if the volatile cryptocurrency assets have further downside.
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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