Crypto Stocks Post Weekly Losses – MSTR, MARA, RIOT Drop as Bitcoin Fails at $95K

Is Bitcoin Losing Steam Ahead of 2025?

Bitcoin and crypto-related stocks ended the week lower as market volatility and fading momentum weighed on sentiment. Bitcoin closed at $94,928, reflecting a 0.17% decline after failing to sustain gains above $95,000. The week’s high reached $99,887, but sellers emerged at key psychological resistance near $100,000, pushing BTC to lows of $92,360.

The lack of follow-through from bulls signals cautious positioning by traders, with pivotal support around $92,000 now in focus. A break below this level risks accelerating downward pressure into the $80,000-$85,000 zone, where potential buying interest may re-emerge.

How Did Key Crypto Stocks Perform?

• Coinbase (COIN): Shares slipped 4.66%, closing at $265.71. The stock tracked Bitcoin’s pullback, trading between $263.07 and $274.52 throughout the week. Investors are watching closely as Coinbase’s performance is tied to overall crypto trading activity. COIN remains above its 52-week SMA of $217.12, suggesting a correction could present value near this level.

• Marathon Digital (MARA): The mining company fell 7.62% to $18.44, dipping below its 52-week SMA of $19.76. With Bitcoin under pressure, miners like Marathon are particularly vulnerable due to direct exposure to BTC price swings. MARA may find interim support around the $18.00 mark.

• MicroStrategy (MSTR): Despite adding 5,262 BTC at an average of $106,662 per coin last week, MicroStrategy’s stock dropped 9.39% to $330.00. Although volatile, MSTR remains well above its 52-week SMA of $172.06, reflecting investor confidence in the long-term bullish thesis behind the firm’s aggressive Bitcoin acquisitions.

• Riot Platforms (RIOT): Riot declined 4.85%, closing at $10.99. The stock is now hovering just above its 52-week SMA of $10.62, indicating possible weakness. A break below $10.00 could invite further selling.

Fundamental Drivers Behind the Declines

The broader pullback in crypto stocks reflects concerns over Bitcoin’s inability to sustain higher prices into year-end, alongside slowing trading volumes across major exchanges. Investors appear reluctant to chase prices higher without a clear catalyst to drive Bitcoin beyond the $100,000 barrier.

Additionally, MicroStrategy’s latest Bitcoin purchase highlights continued bullish accumulation by institutional players, but near-term headwinds persist. Crypto miners, including Marathon and Riot, face operational challenges as halving looms and energy costs rise, making profitability increasingly sensitive to Bitcoin price volatility.

Critical Technical Levels to Watch

• Bitcoin: Key resistance stands at $95,767 (50-day SMA), while immediate support rests at $92,200. A decisive break below this level risks opening the door to $80,000-$85,000 – a potential accumulation zone for long-term investors. The 52-week SMA at $66,191 represents deeper support if selling intensifies.
• Coinbase (COIN): The $217.00 level (52-week SMA) may act as downside support if selling pressure persists. A bounce off this level could signal a reversal.
• Marathon Digital (MARA): Watch the $18.00-$18.35 zone closely. A break below could lead to tests near $16.00.
• MicroStrategy (MSTR): While current prices are far above the $172.06 SMA, corrections toward the $275-$300 range may attract dip buyers.
• Riot Platforms (RIOT): RIOT’s $10.62 SMA offers short-term support. A sustained move below $10.00 could push the stock toward $9.00 or lower.

Market Outlook

Bitcoin’s inability to decisively reclaim $100,000 suggests the market remains in consolidation mode as 2024 concludes. Crypto stocks like MARA and RIOT may face additional downside if Bitcoin slips below key support, while MicroStrategy’s long-term strategy could buffer against short-term volatility.

A breakout above $96,000 for Bitcoin may reignite bullish sentiment, driving a recovery across crypto-related equities. Conversely, further weakness below $92,200 could extend selling pressure into early 2025, presenting opportunities for long-term accumulation across leading crypto assets and stocks.

More Information in our Economic Calendar.