Coinbase's IPO had a high valuation with price opening near 430. After retracing to 210, the stock price broke out again following the breakout in BTC prices in October 2021; now the price of Coinbase has tracked more closely to BTC prices and near the multi-year support level of 210 again. Watch carefully to see if Coinbase holds at this critical support level.
Look for support as BTC prices approach $40,000 to determine if BTC prices will retest $30,000 as the market raises concerns over Fed rate hikes and higher inflation.
