Marathon Digital (NASDAQ: MARA) stock price continued plunging this week as& Bitcoin resumed its sell-off. The shares crashed to a low of $7.85 on Thursday even as American stocks continued retreating. It has dropped by more than 60% from the highest level in September.
The key driver for Marathon stock price is Bitcoin’s price action. The same applies for other& Bitcoin mining companies like Riot Platform and BitDigital (BTBT). These stocks jump when BTC is in an uptrend and vice versa. This happens because these companies make money mining and selling Bitcoin in the open market.&
It also happens because these firms hold substantial Bitcoin in their balance sheet. Therefore, MARA stock price has plunged as Bitcoin has remained in a consolidation phase in the past few months. It jumped to above $28,000 earlier this month and then retreated sharply to about $26,000.
The ongoing Bitcoin sell-off should not worry investors since it is in the range it has been in the past few months. Nonetheless, traders should pay a close attention to last month’s low of $24,800. A volume-supported move below that level will signal that there are still more shorts left in the market.&
The next key catalyst for Marathon Digital stock price will be the company’s earnings scheduled for November 14th. It will also keep an eye on Bitcoin prices and earnings by other Bitcoin mining stocks.
Meanwhile, MARA stock has formed a death cross pattern, which forms when the 200-day and 50-day moving averages make a bearish crossover. The pattern happened on September 28th and is a sign that the shares will continue falling in the coming weeks.
The post Marathon Digital (MARA) stock price death cross forms as BTC recoils appeared first on CoinJournal.
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