Crypto Sector Breaks Out as Bitcoin Reclaims 47,000

MARA, COIN, and IBIT are all soaring today

Patrick Martin

Managing Editor

Feb 9, 2024 at 11:40 AM

This morning, Bitcoin (BTC) reclaimed the $47,000 level for the first time since March 2022. In response, cryptocurrency-adjacent stocks. Marathon Digital Holdings Inc (NASDAQ:MARA) and Coinbase Global Inc (NASDAQ:COIN), as well as BTC exchange-traded fund (ETF) iShares Bitcoin Trust (IBIT) are all confidently higher.

MARA was last seen up 5.7% to trade at $22.82. While the stock is still 0.5% lower in 2024, it has added 292.5% in the last 12 months, with support stepping up at the 80-day moving average. COIN, meanwhile, is up 3.9% to trade at $137.71, also bouncing off its 80-day trendline. The shares are still down 19.4% year-to-date, despite a 134.9% year-over-year lead.

Both stocks remain short squeeze candidates. A whopping 22.8% of MARA's total available float is sold short, while a healthy 8.7% of COIN's float is sold short.

IBIT made its debut on Jan. 11, opening at $27.94 and trading as high as $30. Last seen up 3.8% to trade at $27.01, the ETF is pacing for a nearly 10% weekly pop, its best week yet.

Follow @Schaeffers

You have the chance to join one of Bernie's most exclusive programs, complete access at HUGE savings!

As we prepare for a new administration to take the reins in Washington, the near-term market landscape is rife with uncertainty.

The Federal Reserve has already hinted at the turbulence ahead, lowering its interest rate outlook for 2025.

Meanwhile, breakthroughs in artificial intelligence (AI), quantum computing, and other transformative sectors have unlocked incredible profit potential.

But these opportunities are fleeting, and timing is everything. That's where Quick-Hit Trader comes in.

Quick-Hit Trader is designed for precision and speed, getting you in and out of the market in a flash. While other investors scramble to navigate volatile conditions, you'll have access to expertly curated trades that leverage these rapid shifts to deliver explosive profits in short order.

This is your chance to capitalize on the fast-moving market like never before. Are you ready to make your move?