CRCL, COIN, MARA Slide Pre-Market As Bitcoin Fails To Hold $68,000 Again

• Bitcoin dropped below $68,200 in the early hours of Monday.
• The weakness spilled into crypto-linked stocks, with Coinbase, MARA, and Circle falling in pre-market trade.
• A critical $68K level tied to short-term holder cost basis is capping Bitcoin’s upside.

Bitcoin (BTC) has once again failed to hold key levels, dropping to $67000, and that weakness is now spilling over into equities tied to the crypto market, reversing the previous session’s optimism.

Bitcoin’s price was $68,499, 0.1% lower over the last 24 hours on Monday. This move fits a pattern that has been bothering bulls for nearly a month: the price keeps testing the realized cost basis of Bitcoin's most recently acquired short-term holders but can't hold it. 

On Stocktwits, retail sentiment around BTC dropped from ‘neutral’ to ‘bearish’ territory, as chatter levels remained ‘low’ over the past day.

Even Bitcoin’s Newest Buyers Are Starting To Feel The Pain

Darkfrost, an on-chain analyst, wrote on X that the current price movement is driven by a structural tension in the short-term holder (STH) cost-basis stack. 

The 1-week-to-1-month group, the most recent group of Bitcoin holders, has a realized price of $68,200. This makes it the only STH segment that is close to breaking even right now. Bitcoin's inability to stay clearly above that level signals that even the newest buyers are close to losing money.

Darkfrost added that people who bought Bitcoin one to three months ago had a cost basis of about $83,500, while those who bought it three to six months ago had a cost basis of about $96,900. 

At current prices, both groups were losing money. The analyst said the $83,500 level had been a barrier in the past, and that holders at that price had sold their positions, leaving the short-term holder group in a net loss. 

Crypto Stocks Reverse Friday’s Rally

The drop in Bitcoin's price is causing all major crypto-exposed stocks to lose in pre-market trading on Monday. 

Circle Internet Group (CRCL) was hit the hardest, losing over 3% to $121 after closing at $126.03 on Friday. On Stocktwits, retail sentiment around CRCL remained in the ‘bullish’ territory, as chatter levels remained ‘normal’ over the past day.

MARA Holdings (MARA), one of the biggest publicly traded Bitcoin miners, fell over 2% overnight to $8.27, adding to Friday's already big loss of 8.24%. On Stocktwits, retail sentiment around MARA remained in the ‘bearish’ territory, as chatter levels remained ‘low’ over the past day. 

Coinbase (COIN) fell over 2% in pre-market, down from its Friday close of $197 to $193 on Monday. On Stocktwits, retail sentiment around COIN remained in the ‘bearish’ territory as chatter around it dropped from ‘high’ to ‘normal’ levels over the past day.

On Friday, Figure Technology Solutions (FIGR) was up over 3%, but in pre-market trading, it erased all gains and dropped over 5%. FIGR is trading at $32.24 before open. On Stocktwits, retail sentiment around FIGR remained in the ‘bearish’ zone, while chatter remained at ‘extremely low’ levels over the past day.

Block, Inc. (XYZ) held up relatively well compared to other crypto-equities, losing over 1% overnight after gaining 0.6% on Friday. On Stocktwits, retail sentiment around XYZ remained in the ‘bearish’ zone, while chatter remained at ‘extremely low’ levels over the past day.

On Friday, Artelo Biosciences (ARTL) shot up more than 11% and briefly touched above $9. However, in pre-market trading, it lost ground, dropping to $7.7, down over 2%. On Stocktwits, retail sentiment around ARTL dropped from ‘extremely bullish’ to ‘bullish’ zone, accompanied by ‘extremely high’ chatter levels over the past day.

Read also: Memecoin SIREN Surges Over 185% — But Most Tokens Are Held By A Few Wallets

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