Bitcoin Drop Below $80,000 Affects Major Crypto Stocks

Bitcoin‘s BTC/USD fall below $80,000 created significant concern in the crypto stock market on Monday. Key players like Coinbase Global Inc COIN, Robinhood Markets Inc HOOD, MARA Holdings Inc MARA, and Riot Platforms Inc RIOT all experienced declines in early trading.

Now that the initial shock has subsided, traders are examining the charts closely for potential opportunities.

Coinbase Global: Is There Potential Despite The Downturn?

During early trading on Monday, Coinbase Stock fell over 10.5%, primarily driven by Bitcoin’s dip and an unproductive White House Crypto Summit. Furthermore, its exclusion from the S&P 500 list negatively impacted investor sentiment, which could have drawn in institutional investments.

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Technically speaking, Coinbase Stock is signaling bearish trends across various timeframes. It is currently trading below the eight-day ($211.20), 20-day ($237.59), 50-day ($260.90), and 200-day ($235.75) simple moving averages, indicating persistent downward pressure.

Read also: Coinbase Is the ‘Blue Chip’ Of Crypto, Analyst Likes It On Pullback

Robinhood Markets: An Opportunity or a Decrease?

Robinhood Stock experienced a decline of over 13% in morning trading. Despite this downturn, some retail traders maintain a bullish outlook, viewing the dip as a potential buying chance.

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However, the technical indicators raise concerns. HOOD Stock trades below its eight, 20, and 50-day moving averages, reinforcing a bearish trend. Nevertheless, its 200-day moving average stands at $31.14, significantly lower than its current trading price of $38.23, suggesting that longer-term momentum still holds.

Marathon Digital: Severely Bearish Outlook

Marathon Digital Holdings’ MARA Stock also faced challenges, dropping over 12% in early trading. The prevailing sentiment among retail traders reflects the stock’s technical indicators.

Chart created using Benzinga Pro

From a technical analysis perspective, MARA Stock appears very bearish. It is trading beneath its eight-day ($14.37), 20-day ($14.95), 50-day ($17.05), and 200-day ($18.79) moving averages. This trend signals strong bearish momentum in both short and long-term views.

Riot Platforms: Ongoing Challenges

RIOT Stock declined more than 6%, further extending a tumultuous year-to-date performance.

Chart created using Benzinga Pro

The stock trades below significant moving averages—eight-day ($8.69), 20-day ($10.28), 50-day ($11.30), and 200-day ($10.15)—indicating a continued bearish trend. However, some traders view the recent declines as potential purchasing opportunities if Bitcoin stabilizes.

Considerations: Buy the Dip or Exercise Caution?

Crypto stocks generally move in tandem with Bitcoin, and the recent dip in BTC has made traders cautious. While long-term indicators suggest bullishness for HOOD Stock, the overall trend remains bearish for the entire sector.

Investors considering entry points face a crucial decision: will Bitcoin stabilize or fall further? A secured support level for BTC could lead to a rebound in crypto stocks; without it, continued declines may be inevitable.

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