Coinbase (NASDAQ: COIN) stock price surged to $128 in the pre-market session on Friday as the Bitcoin price broke above $38,500. The $38k-38.5k region was a major supply zone on the BTC/USD chart. As the price is trading above this region, it is also driving crypto-related stocks higher.
The stock of the Coinbase Exchange plummeted to $118.4 on Thursday as the tech stocks slipped. However, the dip was bought immediately and the price closed the day at $124.7.
In its pre-market session on Friday, the stock continued its surge and stood at $128 at press time. This is not surprising as the Coinbase revenues have historically been tied to the growth in Bitcoin.
As I mentioned earlier this week, the Coinbase stock price has become very positive since a breakout above $115 resistance in November. If this level holds, the bullish price target of $150 may come into play soon. However, a breakdown below the $115 level will invalidate this bullish scenario.
