2024

Bitcoin

when

Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) mining stocks like Riot Platforms (RIOT), Marathon Digital (MARA), and CleanSpark (CLSK) retreated in the pre-market session as BTC pulled back.&nbsp; 
RIOT, MARA, and CLSK fell more than 2% while other crypto-related stocks like MicroStrategy (MSTR) and Coinbase (COIN) fell by 1.5%.&nbsp; 
<h2 class="wp-block-heading" id="bitcoin-sell-off-resumes">Bitcoin sell-off resumes</h2> 
Crypto-linked stocks pulled back as Bitcoin resumed its downtrend on Wednesday. After rising to $63,750 on Monday, BTC is hovering at the $60,0000 and it is unclear if it will bounce back. 
Most importantly, Bitcoin is dangerously close to the crucial support at $58,273 which is the 200-day Exponential Moving Average (EMA). The next support level for Bitcoin is $56,426, representing its lowest level in May.&nbsp; 
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Bitcoin price chart 
If Bitcoin drops below that price, it will be a signal that bears have prevailed, which could see it move to the $50,000 level, if not lower.&nbsp; 
This decline happened after a whale deposited nearly 2,000 Bitcoins to Binance in two seperate transactions. While not always the case, deposits to exchanges typically happen when holders are exiting their positions. 
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 The whale deposited 1,023 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$BTC</a>($62.2M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Binance</a> again 45 minutes ago. The whale has deposited 1,723 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$BTC</a>($106M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Binance</a> in the past 24 hours. And the price of <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$BTC</a> has dropped by ~3% in the past 24 hours. Address: 1J22CPni1EsmT15A9qveydfWMoPMRw9Lp3 <a href="https://t.co/mLuvCSNlAv" target="_blank" rel="">pic.twitter.com/mLuvCSNlAv</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1808422792997793938?ref_src=twsrc%5Etfw" target="_blank" rel="">July 3, 2024</a>
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The whale action has coincided with a period when the German government continues to sell its Bitcoin holdings. It transferred coins worth $52 million to exchanges on Tuesday.&nbsp; 
As a result, data by CoinGlass shows that the volume of Bitcoin balances in exchanges has started rising. The volume rose to 2.49 million on Tuesday from last month’s low of 2.47 million.&nbsp; 
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Bitcoin balances in exchanges 
<h2 class="wp-block-heading" id="bitcoin-mining-companies-at-risk">Bitcoin mining companies at risk</h2> 
If Bitcoin’s sell-off continues, it will put Bitcoin mining companies like Marathon, CleanSpark and Riot Platforms at risk. In the past, these companies tend to have a close correlation with Bitcoin.&nbsp; 
This drop is happening a few months after the halving event happens, reducing the amount of Bitcoins that miners receive.&nbsp; 
To compensate this drop, most of these companies have added their mining equipment. <a href="https://crypto.news/cleansparks-amped-hashrate-mined-445-bitcoin-in-june/" target="_blank" rel="noreferrer noopener">CleanSpark achieved a 20 EH/s hash rate</a>, which helped it mine 445 coins in June after mining 417 coins in the previous month. It did that after buying 5 mining sites in Georgia.&nbsp; 
Marathon Digital <a href="https://ir.mara.com/news-events/press-releases/detail/1361/mara-announces-bitcoin-production-and-mining-operation" target="_blank" rel="">mined</a> 590 coins in June, a 40% drop from the same month in 2023 and flat from May.&nbsp; 
Riot Platforms, on the other hand, has focused on acquiring Bitfarms, a company that mined 189 coins in June.

Bitcoin price nears key support: RIOT, MARA, and CLSK stocks at risk

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