Coinbase Global Inc. (NASDAQ:COIN) shares were having a very good Friday, and it's not hard to see why. The stock climbed alongside Bitcoin (CRYPTO: BTC), which pushed above $77,000 and was up more than 20% for the week. That's the cryptocurrency's best weekly performance since 2023, which is saying something.
The broader market was cooperative too. The Nasdaq gained 0.32%, the S&P 500 rose 0.38%, and financial stocks advanced 0.70%. When the tide lifts all boats, crypto-exposed names tend to float higher.
Trump Wants Congress to Pass the CLARITY Act
The crypto mood got a boost from a White House cryptocurrency summit held Wednesday. The guest list included CFTC Chairman Michael Selig, SEC Chairman Paul Atkins, and executives from Coinbase, Robinhood, Ripple, and Kalshi. That's a who's who of the digital asset world, all in one room.
President Donald Trump used the occasion to reiterate his support for U.S. leadership in crypto and urged Congress to pass the CLARITY Act. That bill would establish a regulatory framework for digital assets, something the industry has been craving for years. The prospect of clearer rules seems to have investors feeling optimistic.
There's also a macro angle. The Treasury Department expanded its debt repurchase program, which appears to have renewed interest in higher-risk assets. When the government starts buying back debt, it can free up liquidity and encourage risk-taking.
Coinbase Technical Analysis
Let's get into the charts, because there's a lot to unpack. Coinbase was trading 20.6% above its 20-day simple moving average of $155.87 and 18.5% above its 50-day SMA of $158.53. Those are big gaps, and they point to strong short-term momentum after the stock's earlier decline.
The stock was also 9% above its 100-day SMA of $172.44. But here's the catch: it remained 5.4% below its 200-day SMA of $198.53. That means the longer-term trend hasn't turned bullish yet. The stock is recovering, but it's still below the line that many traders use to define the long-term trend.
The moving-average setup itself is still bearish. The 20-day SMA is below the 50-day SMA, and the 50-day SMA remains below the 200-day SMA following a "death cross" in December 2025. That's a lot of bearish alignment, even if the recent price action is encouraging.
Key resistance stands near $213.50. If the stock can break above that, the rebound could gain more traction. On the downside, support sits near $152.50, which is close to the shorter-term moving averages. That's the level to watch if the rally stalls.
At the time of publication Friday, Coinbase shares were up 8.25% at $186.57, according to market data.
