Looking at the price of Bitcoin, concerns extend to altcoins as well. However, it should also apply to companies involved in BTC-related activities.
In line with this, BeInCrypto analyzed the stock price performance and future development of three Bitcoin mining companies.
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BitMine Immersion Technology (BMNR)
BMNR is down 24% this week and is trading at $30.95. Despite the decline, Bitmine continued to accumulate ETH, adding 54,156 ETH worth over $170 million in the past seven days. This shows the company’s strong long-term beliefs.
The RSI is approaching the oversold zone, which often precedes a reversal. If the situation stabilizes, BMNR could rebound from the support at $30.88 and move towards $34.94 and even $37.27, providing a sense of relief after a week of heavy losses.
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If Bitcoin falls further, BMNR may also follow the broader decline. Further decline could push the stock below $27.80, potentially increasing the downside to $24.64. This would invalidate the bullish outlook and be a sign of strengthening bearish momentum.
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Bitdeer Technology Group (BTDR)
Bitdeer suffered the steepest losses among Bitcoin mining stocks, dropping 53% in seven sessions. The stock is currently valued at $10.63, reflecting heavy selling pressure as the overall market weakness weighs on the mining company.
BTDR’s RSI is deep in the oversold zone, indicating conditions that often precede a reversal. If buyers intervene, the stock could rebound from $9.56 toward $11.92, and if momentum gains, the upside could extend to $15.24.
If market conditions do not improve, BTDR may continue to decline. If below $9.56, the price could head towards $7.96. This would invalidate the bullish outlook and suggest an extended downturn for mining companies.
HIVE Digital Technologies Co., Ltd. (HIVE)
Bitcoin mining company HIVE has fallen 29% over the past week, but is up 7.5% today and is currently trading at $3.56. The jump came after the company announced a 285% increase in second-quarter sales, boosting investor confidence despite recent volatility.
This strong performance could fuel a broader recovery and push HIVE towards $4.04. It would need to move to $5.09 to recover recent losses. Achieving this goal may take time, but it remains possible if momentum and sentiment continue to improve.
If the stock price fails to capitalize on the company’s earnings power, HIVE could fall again. A fall towards the support level below $3.00 would invalidate the bullish theory and signal another sign of weakness.
