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Coinbase listing has probably been one of the most discussed topics in the market for the last two days. What really surprised investors was the fact that bitcoin fell after surging on Tuesday. Did the followed negative reaction reflect traders' disappointment with this event? Unlikely. More probably it was just a technical retracement. Market participants decided to buy on rumors, sell on facts or place Take Profit order. At least, there are still chances that bitcoin can resume growth as the current support level is not broken.
Let's briefly discuss how yesterday's Coinbase trading debut went. The initial price for the COIN share (shares are traded under ticker on the Nasdaq) amounted to $250. However, at the beginning of the session, the price totaled $381. The highest price was $428.94. When reaching it, the price dropped. At the time of writing this article, the share price came in at $334. The minimum value was $310.
Thus, Coinbase managed to achieve a capitalization of $100 billion. Compared with the initial estimates, the listing can be considered a success. Yet, it is crucial to monitor how the share price will behave in the short term.
Market experts remain optimistic. They think that this is a landmark victory for all crypto enthusiasts. Besides, cryptocurrencies have been finally recognized by other investors. Ben Lilly, the founder of Jarvis Labs, believes that this is a tipping point for the market as it may increase the demand for cryptocurrencies. Mike McGlone, a crypto strategist at Bloomberg Intelligence, predicts the growth of bitcoin to $70,000 per coin. Steen Jacobsen, an economist at Saxo Bank, does not rush to make rosy forecasts and prefer to watch the market reaction.
Meanwhile, Katie Wood's Ark Investment rushed to buy Coinbase shares at yesterday's listing for three of her exchange-traded funds (ETFs), spending $246 million. Moreover, Ark even sold some Tesla shares, which caused some confusion. Notably, a month ago, they made a mind-boggling prediction that in 2025, Tesla stocks would cost $ 3,000 apiece.
Now, the indirect share of Ark's investment in bitcoin has grown as the company has both shares of Tesla and Coinbase.
The technical picture on the chart has cleared up a bit. However, the forecast has not changed. The area of 1048.64 - 61759 and the level of 61.8 of the purple Fibo Expansion, which serves as support, are not broken. The price bounced up from them. This means that BTC/USD may rebound to the historical highs set on April 14.
There is an alternative scenario as well. If the pair breaks below the level of 61.8 on Fibo Expansion and the area of 1048.64 - 61759, located at the previous historical highs of bitcoin, it may enter a deeper correction
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