Bitcoin Mining Stocks May Be Ripe for a Bullish Breakout as BTC Formed Two Important Bullish Patterns and as Recession Odds Rose-web3.0-php.cn

Bitcoin Mining Stocks May Be Ripe for a Bullish Breakout as BTC Formed Two Important Bullish Patterns and as Recession Odds Rose

WBOYWBOYWBOYWBOYWBOYWBOYWBOYWBOYWBOYWBOYWBOYWBOYWB

Aug 06, 2024 pm 06:42 PM

Bitcoin Mining Stocks CLSK MARA CORZ

CleanSpark (CLSK) stock price closed on Monday at $12.20, higher than the intraday low of $9.36, its lowest point since February 4th.

Bitcoin Mining Stocks May Be Ripe for a Bullish Breakout as BTC Formed Two Important Bullish Patterns and as Recession Odds Rose

Bitcoin mining stocks may be set for a bullish breakout on Tuesday as BTC formed two key bullish patterns and as the odds of a recession rose. CleanSpark (NASDAQ:CLSK) stock price closed at $12.20 on Monday, higher than the intraday low of $9.36, which was its lowest level since February 4. It remains in a deep bear market, slipping by more than 50% from its highest point this year.

On the other hand, Marathon Digital (NASDAQ:MARA) stock rose to $16.95, up from Monday’s low of $13.73. Core Scientific (NASDAQ:CORZ) also recovered to $8.37. Other top Bitcoin mining stocks, such as Cipher Mining (NASDAQ:CIFR), TeraWulf, Hut 8 Mining (NASDAQ:HUT), and Riot Blockchain (NASDAQ:RIOT), also bounced back.

Bitcoin price formed a hammer

Bitcoin mining stocks like CleanSpark, Marathon Digital, and Core Scientific rose because BTC showed signs of bottoming. It has also formed two bullish chart patterns that could push it higher this year.

The daily chart above shows that the BTC price has formed a hammer pattern, characterized by a body with a long lower shadow. A hammer does not usually have an upper wick and is one of the most popular bullish reversal candlesticks.

A bullish breakout in a hammer is confirmed when an asset rises above its upper side. It is then invalidated when the price drops below its lower side. Therefore, this hammer pattern points to more upside as buyers target the key resistance at $60,000.

Bitcoin’s broadening wedge but risks remain

Moreover, Bitcoin has formed a falling broadening wedge, which consists of two trendlines. The upper line consists of a series of lower highs, while the lower support line consists of lower lows. This pattern is shown in blue in the chart below. In most cases, it leads to a strong bullish breakout.

Fundamentally, Bitcoin has another catalyst from the Federal Reserve, which is expected to start cutting interest rates in September. Some analysts are even recommending a jumbo rate cut of 0.50% or 0.75%. Fed cuts are usually good for Bitcoin and other risky assets.

Still, Bitcoin has more work to do to confirm a bullish breakout. For one, it needs to invalidate that this rebound is just a dead cat bounce, which is a temporary rebound. It initially needs to rise above the 50-day moving average at $64,000 to do this.

If Bitcoin’s recovery holds, Bitcoin mining stocks like MARA, CLSK, and Core Scientific will likely continue rising on Tuesday.

The above is the detailed content of Bitcoin Mining Stocks May Be Ripe for a Bullish Breakout as BTC Formed Two Important Bullish Patterns and as Recession Odds Rose. For more information, please follow other related articles on the PHP Chinese website!

Statement

The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn

Top 10 virtual digital currency app platforms in the world, the top ten virtual currency trading platforms in 2025Mar 05, 2025 pm 08:00 PM

With the booming development of the virtual currency industry, virtual digital currency trading platforms around the world are becoming increasingly stronger. This article focuses on the top ten virtual digital currency app platforms in the world in 2025, including Binance, OKX, Gate.io, Kraken, Gemini, FTX, Bybit, KuCoin, Huobi and Coinbase. These platforms are known for their advanced features, a wide range of transaction pairs, low fees and stable performance, providing users with a wide range of virtual currency trading options.

Pi Node Teaching: What is a Pi Node? How to install and set up Pi Node?Mar 05, 2025 pm 05:57 PM

Detailed explanation and installation guide for PiNetwork nodes This article will introduce the PiNetwork ecosystem in detail - Pi nodes, a key role in the PiNetwork ecosystem, and provide complete steps for installation and configuration. After the launch of the PiNetwork blockchain test network, Pi nodes have become an important part of many pioneers actively participating in the testing, preparing for the upcoming main network release. If you don’t know PiNetwork yet, please refer to what is Picoin? What is the price for listing? Pi usage, mining and security analysis. What is PiNetwork? The PiNetwork project started in 2019 and owns its exclusive cryptocurrency Pi Coin. The project aims to create a one that everyone can participate

Bitcoin [BTC] was on a downtrend after losing the $92,000-support level in the final week of FebruaryMar 16, 2025 am 10:10 AM

Technical indicators such as the OBV showed that selling pressure has been dominant, meaning more losses may be likely ahead.

Various ETF issuers compete to apply for Solana ETF! But why is BlackRock still absent?Mar 03, 2025 pm 06:33 PM

Many ETF issuers are scrambling to apply for SolanaETF, but BlackRock is still holding back? This article will interpret this phenomenon. SolanaETF application boom The Securities and Exchange Commission (SEC) has accepted SolanaETF applications submitted by several institutions, including Bitwise, 21Shares, VanEck, CanaryCapital and Grayscale. Bloomberg predicts that the probability of Solana spot ETF being approved by the end of the year is as high as 70%, which is closely related to the Trump administration's friendly attitude towards cryptocurrencies. The establishment of Franklin's "Franklin SolanaTrust" also implies its potential application for SolanaETF. However, Sol

Understand the current situation and future of MEV on a single articleMar 04, 2025 pm 05:06 PM

Sui Blockchain's MEV (Maximum Extractable Value) strategy and future outlook MEV have become the core issues in the blockchain field, which are related to transaction sorting and arbitrage opportunities. Sui is committed to guiding the development of MEV through Sui Improvement Proposal (SIP) and other mechanisms, ensuring transparency, transaction security, network health, and participant rewards. In addition to existing mechanisms, more mechanisms are planned to be introduced to ensure that its core principles can effectively guide the evolution of MEVs on Sui. Design principles and considerations Sui's every transaction contains potential profit opportunities. Sui's MEV ecosystem consists of the following mechanisms: MEV transaction submission mechanism MEV opportunity release mechanism MEV

PI price forecast: How high can PI coins rise?Mar 03, 2025 pm 07:27 PM

Since the launch of PiNetwork (PI)'s independent network, it has continued to attract the attention of the cryptocurrency community. In contrast to the recent sluggish performance of mainstream cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), the price of PI has risen against the trend. PI cryptocurrency: Binance listing may become a catalyst for price surge PINetwork (PI) price upward momentum Strong PI is currently priced at $1.6750, far higher than the previous low of $0.6020. Trading activity and investor interest continue to grow, and PI's future price trend has become the focus of market attention. PI market performance: Strong rebound and key resistance levels PI mainnet started at the beginning

Top 10 Free Virtual Currency Exchanges Rankings The latest top ten virtual currency APP trading platformsMar 11, 2025 am 10:18 AM

The top ten free virtual currency exchanges are ranked: 1. OKX; 2. Binance; 3. Gate.io; 4. Huobi Global; 5. Kraken; 6. Coinbase; 7. KuCoin; 8. Crypto.com; 9. MEXC Global; 10. Bitfinex. These platforms each have their own advantages.

Does Bitcoin have stocks? Does Bitcoin have equity?Mar 03, 2025 pm 06:42 PM

The cryptocurrency market is booming, and Bitcoin, as a leader, has attracted the attention of many investors. Many people are curious: Do Bitcoin have stocks? The answer is no. Bitcoin itself is not a stock, but investors can indirectly invest in Bitcoin-related assets through various channels, which will be explained in detail in this article. Alternatives to Bitcoin Investment: Instead of investing directly in Bitcoin, investors can participate in the Bitcoin market by: Bitcoin ETF: This is a fund traded on the stock trading market, whose asset portfolio contains Bitcoin or Bitcoin futures contracts. This is a relatively convenient option for investors who are accustomed to stock investments, without having to hold Bitcoin directly. Bitcoin Mining Company Stocks: These companies' business is Bitcoin mining and holding Bitcoin