Bitcoin is starting to recover again.
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 BTC is truly bottoming out, mining stocks may be some of the best bets.
That’s because mining stocks, like Marathon Digital (MARA) typically follow BTC.
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.”