US crypto stocks are under pressure this week, with Coinbase (COIN), Riot Platforms (RIOT), and Strategy (MSTR) all trading lower amid market uncertainty. COIN is struggling to break resistance at $206.9, while RIOT made headlines by selling all of its mined Bitcoin in April.
Meanwhile, MSTR continues its aggressive BTC accumulation despite posting a $4.2 billion quarterly loss. With earnings season and market sentiment shifting, these three names are in focus for traders watching crypto-related equities.
Coinbase (COIN)
Coinbase (COIN), one of the biggest crypto exchanges in the US, has been struggling to break through resistance at $206.9. A successful breakout could open the door to a rally toward $221.71, but recent price action shows hesitation.
The stock closed down 2.70% last Friday and is already slipping another 1.54% in pre-market trading.
Although a golden cross between COIN’s EMAs is forming—typically a bullish sign—the narrowing spread between the moving averages suggests momentum may be fading.
Adding to the uncertainty, the Relative Strength Index (RSI) has dropped from 58 to 53.25, indicating waning buying pressure. RSI values between 50 and 70 generally reflect a modest uptrend, but the decline shows that bulls may be stepping back.
If this cooling trend continues, COIN could revisit its $194 support level, and any breakdown below that may accelerate losses toward $183 or even $176.
Traders are now pointing to Coinbase’s upcoming earnings call on May 8, which could be a catalyst, especially if financial results or forward guidance defy expectations.
Riot Platforms (RIOT)
Riot Platforms, one of the most recognized Bitcoin mining firms, surprised markets by announcing the sale of all its mined Bitcoin in April—a shift from its usual hold strategy.
CEO Jason Les emphasized that the decision was made to support operations and maintain a strong balance sheet amid changing conditions. The company also revealed it is shutting down its mining hosting business, signaling a strategic pivot as it grapples with revenue pressures.
April’s mining output totaled 463 BTC, but two consecutive network difficulty adjustments disrupted production, forcing Riot to dip into reserves.
As it adjusts its business model, Riot increasingly focuses on artificial intelligence and high-performance computing, investing in land, fiber, and water infrastructure to support the shift.
Despite this forward-looking pivot, the market responded negatively: RIOT stock fell 5.84% yesterday and is down another 1.52% in pre-market trading.
The next resistance level is $8.82, but if selling pressure continues, support at $7.25 could be tested. A breakdown below that risks deeper losses toward $6.19.
Strategy Incorporated (MSTR)
While Riot Platforms is selling some of its Bitcoin reserves, Strategy—formerly known as MicroStrategy—is doubling. The firm, led by Michael Saylor, has kept up its aggressive buying spree in 2025, recently acquiring 1,895 BTC for $180.3 million.
Strategy has offered up to $84 billion in stock sales to fund these buys, despite reporting a staggering $4.2 billion net loss in Q1.
Critics, including tech entrepreneur Anton Golub, warn that Strategy’s reliance on high-yield shares and risky convertible bonds could be unsustainable and potentially dangerous for the broader crypto market.
Despite its image as a long-term BTC whale, Strategy may be reaching a breaking point. Saylor is seen as someone who cannot afford to sell, as even a hint of liquidation could trigger panic across the crypto space.
Meanwhile, MSTR stock closed down 1.99% yesterday and is down another 1.43% in the pre-market, echoing the broader correction in crypto-related equities.
If the downtrend continues, $374 is the key support level to watch—if it breaks, further downside to $343 becomes likely.
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