Bitcoin took a big hit over the last week.
All on profit taking, ETF outflows, and the outlook for interest rates.
However, with the latest jobs numbers, we may see a rate cut sooner than expected. Plus, with a good deal of negativity now priced into Bitcoin, it’s pivoting higher.
Also, according to CoinDesk.com, “Bitcoin whales may have finally started buying the dip,” IntoTheBlock said in an X post. “Historically, accumulations by these addresses have often preceded rises in bitcoin’s price.”
Technically, Bitcoin has also become oversold on RSI, MACD, and Williams’ %R. In fact, each time BTC has become this oversold with those indicators, it bounces back shortly after. If you pull up a two-year chart of BTC, you can see that’s happened multiple times. Better, the BTC miners tend go along for the ride.
| While you can always buy Bitcoin, it’s the oversold BTC miners we’re after, including: Company: Marathon Digital (SYM: MARA) “2023 was a record-breaking year for Marathon, during which we achieved our primary objectives of energizing our fleet of previously purchased mining rigs and optimizing our performance,” said Fred Thiel, Marathon’s chairman and CEO. “In 2023, we grew our hash rate 253% to 24.7 exahash; we improved our fleet efficiency 21% to 24.5 joules per terahash; and, we increased our Bitcoin mining portfolio to over 900 megawatts of total capacity, diversified across 11 different sites on three continents.” |
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Company: Riot Platforms (SYM: RIOT) Riot just posted record net income of $211 million for its first quarter. Total revenue came in at $79.3 million from $73.2 million year over year. It produced 1,364 BTC in the quarter, which was down about 36% year over year. It also saw Bitcoin mining revenue of $74.6 million in the quarter, as compared to the $48 million year over year. |
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| ETF: Valkyrie Bitcoin Miners ETF (SYM: WGMI) With an expense ratio of 0.75%, the ETF invests in stocks of companies operating across information technology, bitcoin mining operations including companies providing specialized chips, hardware and software or other services to companies engaged in bitcoin mining sectors. |
