Bitcoin advances amid strengthening institutional support

Coinbase announces strategic workforce reductions for cost restructuring, while Bullish acquires Equiniti

According to a report by Reuters, Coinbase has announced a reduction of approximately 14% of its global workforce. This measure is intended to diminish operating expenses and accelerate the implementation of artificial intelligence (AI) across its operational infrastructure. Coinbase noted that the cryptocurrency market is currently navigating a complex environment where heightened volatility has curtailed investment activity, subsequently impacting revenue and profitability. The company anticipates that the restructuring process will be finalised during the second quarter of 2026, with associated costs—primarily related to severance and employee benefits—estimated at between $50 million and $60 million. While these expenses are significant, institutional investors typically view such decisions favourably, as they signal a commitment to cost-saving measures and the potential for improved profit margins.

Furthermore, Reuters reports that the Bullish exchange has announced the acquisition of Equiniti in a deal valued at $4.2 billion. Equiniti is a regulated transfer agent, and Bullish intends to leverage this acquisition to bridge the gap between blockchain technology and traditional capital markets. Although the deal remains subject to rigorous regulatory scrutiny and approval, it is expected to conclude in January 2027. This transaction underscores the increasing institutional appetite for crypto-related infrastructure and highlights the potential for a formalised connection between digital assets and traditional finance.

In response to these developments, Bitcoin settled with an appreciation of 1.93% at $81,372, suggesting a potential breakout from its recent technical consolidation pattern.

Technical analysis of Bitcoin

From a technical perspective, Bitcoin has recently challenged its long-term bullish structure and is currently testing a significant resistance zone. Key observations include:

• Trend Context: On longer timeframes, Bitcoin continues to trade beneath its 200-day Simple Moving Average (SMA), a position that reinforces a prevailing bearish bias. In the short term, however, price action is characterised by a consolidative range that has persisted for approximately three months, though the current price is attempting to breach the technical ceiling.
• Resistance Levels: Should the immediate resistance near $83,000 be surpassed—a level where a short-term pivot point converges with the 200-day SMA—the next significant technical ceiling is identified at $96,000. A decisive move above the $96,000 zone would imply the potential for a substantially higher valuation.
• Support Levels: If the primary support at $73,000 is compromised, the next critical floor is situated at the $62,000 mark. A sustained move below this level would likely accelerate selling pressure and increase the probability of a more profound market correction.
• Momentum Indicators: Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are currently trading near overbought territory, signalling that the short-term bullish impulse may be reaching exhaustion. Additionally, it is pertinent to note that the trading volume recorded on the Bitstamp exchange remains relatively low for a definitive breakout; however, it must be acknowledged that Bitcoin trades across multiple exchanges with varying levels of liquidity.

Figure 1. Bitcoin Prices (2025–2026). Source: Data from the Bitstamp Exchange; Own analysis conducted via TradingView.