Here’s why Coinbase is sliding (January 15)

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Coinbase Slides 6.57% to $239.05 Today

Highlights

Coinbase CEO Brian Armstrong withdrew support for a proposed Senate digital asset bill due to concerns over expanded SEC authority for tokenized equities and DeFi oversight.
Senate postponed the bill's markup to allow for more negotiation after Coinbase's opposition, indicating ongoing regulatory uncertainty in the digital asset sector.
Coinbase solidified its position as the primary custodian for most US-listed spot Bitcoin and Ethereum ETFs and shifted revenue focus to fee-based and service income.

Legislative pushback and ETF wins shape investor sentiment

Coinbase has attracted attention by opposing a proposed Senate digital asset bill, with CEO Brian Armstrong withdrawing support due to concerns about SEC authority over tokenized equities and DeFi oversight. In response, the Senate postponed the bill's markup to allow for more negotiation. The company has also cemented its role as primary custodian for most US-listed spot Bitcoin and Ethereum ETFs, while shifting to a revenue model focused on fee-based and service income.

Anton Kharitonov, expert at Traders Union, believes Coinbase's technical and sentiment picture remains weak. He notes COIN continues to trade below all major moving averages, with technical momentum worsening as sellers dominate. Regulatory uncertainties add further risk as Coinbase publicly clashes with the Senate bill, exposing the company to potential oversight challenges. Kharitonov highlights overbought readings on oscillators versus negative price action as a warning for further retracements. "It is difficult to justify aggressive positioning here when both technicals and the news cycle reinforce caution," he warns.

Viktoras Karapetjanc, expert at Traders Union, views COIN as maintaining robust longer-term prospects despite recent downside. He sees institutional engagement increasing as Coinbase cements its custodian role for major US crypto ETFs, underlining a bullish structure. The company's pivot to service-based revenues points to sustained business resilience even amid regulatory debate. Karapetjanc expects that progress in the negotiations will ultimately support value creation. "Temporary price weakness grants another strategic entry, as institutional adoption and service innovation continue to drive growth," he asserts.

Parshwa Turakhiya, analyst, sees a mixed setup for COIN driven by recent volatility and sentiment shifts. He highlights strong selling after the open and a price close near daily lows as short-term bearish. However, oscillators flash conflicting signals, with intraday oversold conditions possibly attracting tactical interest. Turakhiya believes traders should watch for intraday reversals or a clean break of $237.56 for momentum cues. "If sellers falter and price claws back above $243.26, a quick relief rally could play out despite overall market hesitancy," he suggests.

Sustained downside and conflicting momentum signal persistent volatility

At $239.05, COIN trades below the MA-20 ($243.26), MA-50 ($263.74), and MA-200 ($288.32), signaling persistent seller pressure for short-, medium-, and long-term horizons. The nearest Ichimoku dynamic resistance stands at $255.11, while MA-20 offers initial dynamic support for the short-term outlook. Momentum indicators point to weakness, with MACD showing a strong sell bias and the ADX reflecting a weak trend. Oscillators paint a conflicted picture: the daily RSI is slightly bullish near 52, while Stoch RSI and CCI both flag overbought conditions. BBP indicates recent overbought territory, but intraday values are now oversold, and the Awesome Oscillator is neutral, contributing neither bull nor bear confirmation. Price opened below the previous close, creating a noticeable gap before sliding 6.57% intraday and settling near today’s low of $237.56, highlighting strong volatility and prevailing selling pressure after the open. This sharp downward move is in partial conflict with the mild daily RSI but aligns with broader momentum weakness and intraday downside, reinforcing a bearish short-term tone.

Previously it was reported that Optimism’s OP token was trading under pressure, remaining beneath key moving averages and with momentum indicators such as RSI continuing to trend downward. Resistance was observed near recent highs, while support levels continued to weaken as the asset struggled to rebound amid prevailing bearish sentiment and technical resistance outweighs bullish momentum.

Source of Data: COIN Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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