Bitcoin's (CRYPTO: BTC) fiery resurgence, rallying over 38% in the past month, has lit a spark under cryptocurrency miners Riot Platforms Inc (NASDAQ:RIOT) and Marathon Digital Holdings Inc (NASDAQ:MARA).
Both stocks have achieved a Golden Cross — a technical milestone where the 50-day moving average surpasses the 200-day moving average — igniting bullish momentum among traders.
Riot Platforms: Catching The Bitcoin Wave
Riot Platforms has ridden Bitcoin's rally to a 35% surge in the past month, recovering from a rocky year.
Chart created using Benzinga Pro
The stock trades at $12.14, above its 50-day SMA of $10.18 and its 200-day SMA of $10.18 — both signaling bullish sentiment.
Technical indicators reinforce this optimism: the MACD (moving average convergence/divergence) indicator shows a bullish signal at 0.52, while the RSI (relative strength index) sits at a healthy 54.09, suggesting there's room for further upward movement without overbought concerns.
However, the stock is battling near-term resistance, with its 20-day SMA at $12.33 serving as a potential ceiling. Investors appear cautiously optimistic, eyeing Bitcoin's next moves for clues about Riot's trajectory.
Marathon Digital: A Marathon, Not A Sprint
Marathon Digital's stock has skyrocketed 62% in the last month, benefiting from Bitcoin's strength.
Chart created using Benzinga Pro
Trading at $25.13, it comfortably outpaces its 50-day SMA of $19.28 and 200-day SMA of $19.40, firmly in bullish territory. The MACD's 2.09 bullish signal suggests strong momentum, while the RSI at 58.41 indicates room for more gains.
Yet, Marathon's shorter-term trend hints at some turbulence ahead, with the stock trading slightly below its eight-day SMA of $25.84. Will Bitcoin's rally push Marathon to break through resistance, or will profit-taking weigh it down?
Crypto Bulls Or Bear Traps?
As Bitcoin maintains its upward march, the Golden Cross for Riot and Marathon signals renewed investor optimism. However, the volatile nature of both crypto and these stocks means the path ahead could be anything but smooth.
For now, Bitcoin's fate will likely dictate whether these mining stocks can sustain their newfound momentum — or if this rally fizzles out.
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