The overall market may be falling apart.
But Bitcoin is in rally-mode.
Oversold on RSI, MACD, and Williams’ %R, BTC is starting to pivot higher from triple bottom support dating back to June 2022.
“After months of waiting, for just the fourth time ever Bitcoin’s short-term holder cost basis has fallen below its long-term holder cost basis,” Will Clemente, the co-founder of crypto firm Reflexivity Research said as quoted by Barron’s. “This indicates a bottoming process.”
If Bitcoin is truly bottoming out, investors may want to jump into BTC mining stocks, including:
Marathon Digital (MARA)
Technically oversold at double bottom support, MARA is starting to show signs of life, too. The company also shows no signs of slowing. In fact, in August, MARA said it produced 184 Bitcoin in August 2022; year-to-date through August 31, 2022, produced 2,222 Bitcoin, a 26% increase over the same time period in the prior year.
Also, “In August, we continued to install and energize miners with our hosting providers, increasing our hash rate and steadily improving our bitcoin production,” said Fred Thiel, Marathon’s chairman and CEO. “During the month, approximately 25,000 of our previously installed miners were successfully energized, increasing our hash rate back to approximately 3.2 exahashes per second with our operating mining fleet consisting of approximately 34,000 miners as of August 31.”
Riot Blockchain (RIOT)
RIOT is also starting to rebound from double bottom support around $6.68.
“August was another successful month for Riot in which we continued to make significant progress on the expansion of our Rockdale facility, including the deployment of an additional 6,347 S19j Pros in our immersion-cooled buildings, and producing Bitcoin while further contributing to grid stability in Texas through the continued exercise of our proprietary power strategy,” said Jason Les, CEO of Riot.
“The significant benefits received in August from this strategy enhance our already industry-leading position as a low-cost producer, and further strengthen our solid financial position, providing us with ample resources to fund our compelling growth opportunities as we drive Riot towards our vision of becoming the world’s leading Bitcoin-driven platform.”