BITF - Bitcoiner Miner Stocks Bitfarm Bitdeer Warrant 'Cautious Optimism:' 10x Research | Benzinga
10x Research offered a detailed analysis of the Bitcoin (CRYPTO: BTC) mining sector in its latest newsletter, highlighting significant gains from stocks like Bitfarms (NASDAQ:BITF) and Bitdeer (NASDAQ:BTDR) but urging cautious optimism.
What Happened: 10x Research identified Bitfarms as a prime beneficiary of consolidation within the Bitcoin mining industry. Following their strategy report, Bitfarms’ shares surged by 25% in just two weeks.
The research firm advises caution, noting Bitcoin’s slight decline and its failure to break the critical resistance level at $71,946. This suggests a preference for mining stock exposure when Bitcoin shows a robust bullish trend, which is currently absent.
Mining Industry Challenges
The Bitcoin mining sector faces challenges, with a declining hash rate and miners selling more Bitcoin than usual to fund operations. Such actions indicate a less optimistic outlook for the industry.
10x Research emphasizes ...