• Shares of Coinbase and MicroStrategy rose 6% and 7% respectively, as Bitcoin rose above $59,000.
• Analysts say crypto markets could be jittery due to potential bearish catalysts.

Shares of Coinbase and MicroStrategy each rose more than 6% on August 8 (2 p.m. ET). The gains came after the price of Bitcoin broke through $59,000.

Coinbase (COIN) stock was trading around $192.30, while MicroStrategy’s MSTR was hovering around $134.

Read more: Michael Saylor’s Bet on Bitcoin Pays Off, His BTC Holdings Now Valued at $1 Billion

Bitcoin’s rise extends its recent momentum since it reclaimed support above $50,000. According to data on CoinGecko, the flagship cryptocurrency is up 7% over the past 24 hours. Losses over the past week have shrunk to around 5%.

Crypto analyst Ali Martinez says long-term investors have been aggressively buying up the recent dip.

While we got liquidated trade #Bitcoin futures during the recent dip to $49,000, long term $BTC holders bought. They added more than 184,500 #BTC to their portfolios, worth approximately $10 billion! photo.twitter.com/zTL04qy8qQ

— Ali (@ali_charts) August 8, 2024

Short term outlook

This positive movement for BTC comes as XRP led the crypto market higher after the latest court ruling in the Ripple vs. SEC case. XRP traded above $0.63 to help Stellar (XLM) and other altcoins higher. Ethereum also broke the $2,600 mark.

However, XRP is in a key resistance area and Ethereum may still face negative pressure from potential selling.

“There is a potential cap on the upside in the near term as Jump Trading continues its ETH liquidations (21,394 $wstETH ~$63.6M left) and Plus Token Ponzi 2 ETH wallets have moved a total of 25,757 ETH ($63.1M) in the past 30 hours,” analysts at QCP Capital said wrote.

The broader market is also still largely cautious, as analysts point to nervousness around the global macro environment and geopolitical tensions in the Middle East. In this case, crypto could still see a pullback amid a turbulent month or so.