Bitcoin's Explosive Rise: Are Riot and Marathon the Next Big Winners?

Bitcoin's fiery resurgence, rallying over 38% in the past month, has ignited interest in cryptocurrency miners Riot Platforms Inc (NASDAQ:RIOT) and Marathon Digital Holdings Inc (NASDAQ:MARA).

Both stocks have achieved a Golden Cross — a significant technical milestone indicating bullish momentum among traders.

Riot Platforms: Catching The Bitcoin Wave

Riot Platforms has surged 35% in the past month, bouncing back from a tough year. The stock currently trades at $12.14, exceeding both its 50-day SMA of $10.18 and 200-day SMA of $10.18, signaling strong bullish sentiment.

Key technical indicators support this optimism: the MACD shows a bullish signal at 0.52, and the RSI stands at a healthy 54.09, indicating potential for further upward movement. However, the stock faces near-term resistance at its 20-day SMA of $12.33.

Marathon Digital: A Marathon, Not A Sprint

Marathon Digital's stock has soared 62% over the last month, benefiting from Bitcoin's strength. Currently trading at $25.13, it significantly outpaces its 50-day SMA of $19.28 and 200-day SMA of $19.40. The MACD's bullish signal at 2.09 indicates strong upward momentum, while the RSI at 58.41 suggests room for more gains.

However, Marathon's shorter-term trend indicates potential turbulence, with the stock trading slightly below its eight-day SMA of $25.84.

Crypto Bulls Or Bear Traps?

As Bitcoin continues its upward trajectory, the Golden Cross for Riot and Marathon signifies renewed investor optimism. However, the unpredictable nature of crypto markets suggests the path ahead may be rocky. Bitcoin's performance will likely determine whether these mining stocks can maintain their momentum or if this rally will fade.

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