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Coinbase pays us for certain activity generated through this link. Prices displayed are informational. Coinbase (COIN) shares moved meaningfully higher on Sept. 18 as Bitcoin (BTCUSD) recovered sharply, hitting an intraday high of more than $81,000.
As COIN rallied on a sharp crypto market rebound, it soared past its 20-day moving average (MA) today, indicating that bullish momentum could sustain in the near term. Versus the start of this year, Coinbase stock is still down about 15%. Bitcoin's rally past $80,000 on Friday was driven by a combination of renewed spot exchange-traded fund (ETF) demand, improving risk sentiment and a sharp wave of short covering.
U.S. spot Bitcoin ETFs recorded about $160 million in net inflows on Sept. 17, reversing two days of outflows and providing fresh buying pressure. Additionally, BTC's resilience following this week's Fed rate hike and other macro developments encouraged traders to rebuild bullish positions. The move accelerated as short sellers were forced to close positions, with more than $190 million in crypto shorts liquidated within an hour.
Regulatory developments and improving institutional participation also boosted sentiment, helping Bitcoin break through the psychologically important $80,000 level. Despite today's rally, Coinbase shares are trading at a huge discount to their 52-week high of over $400. Plus, the options market sentiment remains largely bullish for the near term as well.
According to Barchart, the put-to-call ratio on contracts expiring mid-October sits at 0.65x as of writing, with a reading below 1.00x typically interpreted as constructive. And the upper price on those contracts is set at about $218, indicating potential for a nearly 12% rally over the next four weeks. Investors should also note that Barchart itself now holds a "24% BUY" average opinion on the crypto stock, suggesting technical momentum is beginning to turn in its favor as well.
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