• Bitcoin mining stocks made a bullish breakout this week.

  • Shares of Marathon Digital rose to their highest level since November.

  • Future price trends will depend on Bitcoin price trends.

Shares of Marathon Digital have hit their highest since November 2022. Bitcoin And other cryptocurrencies rallied. MARA shares surged to a high of $12.75, up more than 319% from their December low.other bitcoin mining Industry players such as Riot Platform and Hut 8 Mining also surged.

Bitcoin mining stocks soar

The main reason for the surge in MARA’s stock price is that the Bitcoin price is nearing its all-time high. This rebound came as the fear and greed index for cryptocurrencies surged into greedy territory.

Most analysts believe TradFi’s continued trend is the main driver of Bitcoin price. TradFi refers to the transition of traditional financial firms into the cryptocurrency industry.

BlackRock, the world’s largest asset manager, announced Friday that it has filed for the iShares Bitcoin Trust with the SEC. This is an ETF that tracks the spot price of Bitcoin and will be similar to the Vanguard Gold Trust.

Other big names in the industry have also announced applications for Bitcoin ETFs. Among them were companies such as Invesco and WisdomTree. Analysts believe the SEC will allow these funds under pressure this time.

Another TradFi news was that Deutsche Bank has applied for a cryptocurrency custody license in Germany. French bank Crédit Agricole also obtained a custody license. These banks want to look after wealthy Europeans seeking access to the industry.

Therefore, MARA’s stock price has skyrocketed as business thrives during periods of strong Bitcoin prices. Future price action will depend on whether Bitcoin rises above $31,000. It is an important level because it is the upper side of the double top pattern. So, if it rises, it means that the double top pattern has been deactivated.

MARA stock price forecast

The daily chart shows Marathon Digital’s stock has been on a slow bullish trend over the past few months. The stock has consolidate around $10 over the past few weeks. It then edged above the key resistance point of $12.85, the April 18 high. The price followed the upper side of an ascending triangular pattern.

MARA stock has risen above its 25- and 50-day moving averages. So, while the outlook is neutral, the stock could make a bullish breakout as buyers target the next key resistance point of $15. Our bullish view will be invalidated if the $10.90 support breaks down.

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By Jules

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