COIN Up 3%: Short Sellers Running for the Hills as Crypto Market Goes Parabolic With Bitcoin Eyeing $70K

Coinbase Global Inc. shares are having a moment this Monday. The entire crypto ecosystem is basically green candles all the way down, and COIN is riding the wave like a surfer who finally caught the big one.

Crypto Market Cap Hits $2.38 Trillion Bitcoin is currently lounging at $69,660.95, living its best life. Ethereum decided it wasn't going to be left out of the party, popping 5.39% to $2,151.12, per CoinMarketCap data. Altcoins are basically having a group hug.

Short Interest Data Shows Decline The bears are officially packing their bags. Short interest in Coinbase has shrunk from 23.61 million to 22.64 million shares. That's 11.51% of the float currently held short—down, but not zero, because some people never learn.

Technical Analysis At $177.20, the stock is up 9.02% over the past 12 months, which is basically the crypto equivalent of "we're not dead yet." Within the 52-week range of $139.36 to $444.64, the current price is much closer to the low end—because apparently, gravity still works even in crypto.

Key Resistance: $211.50 Key Support: $152.50

Earnings & Analyst Outlook The next big event for this ticker arrives with the May 7 (estimated) earnings report. Mark your calendars, set your alerts, maybe sacrifice a lamb.

EPS Estimate: 47 cents (Down from $1.94 YoY) Revenue Estimate: $1.58 Billion (Down from $2.03 Billion YoY) Valuation: P/E of 38.5 times (This is what happens when the market decides you're worth more than your earnings suggest)

The stock carries a Buy Rating with a price target of $303.90. Recent analyst moves include:

• Bernstein: Outperform (Lowers Target to $330.00) (March 30)
• Goldman Sachs: Buy (Lowers Target to $235.00) (March 26)
• Baird: Neutral (Raises Target to $215.00) (March 17)

COIN Stock Price Activity: Coinbase Global shares were up 3.35% at $177.20 during premarket trading on Monday, according to Benzinga Pro data. The bears are crying, the bulls are flexing, and somewhere, a degen is leveraged long at 10x.