Bitcoin Price On The Rise, Coinbase Stock $COIN To Follow The Bullish Trend?

The Bitcoin price has displayed a positive week as it has gained over 6% in value within 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 $COIN 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 similarly to 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 Bitcoin price rise.

Further, 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 for three days now.

If the bulls break out of their key resistance at $29,000, the price will run toward its resistance level of $29,600. Further, if the market holds the price at that level, it will continue to rise and retest its $30,000 mark in the coming days.

On the flip side, if the bears overpowered the bulls and a trend reversal occurs, the price will lose momentum, resulting in the price dipping toward its support level of $27,763.65 soon.

Moreover, if the BTC price fails to regain power, it will continue to dip and test its lower support level of $27,403.25 in the coming days.