Bitcoin Miners Are Back in Focus 🌤️ The Morning Print
Good morning!
While crypto tries to stage a short-term rebound, Bitcoin miners are sitting right at key support.
Here's the setup.
The Bitcoin Mining ETF ($WGMI) has held up better than most crypto-related assets over the past few months.
Part of that resilience comes from the fact that several of these companies have pivoted away from pure Bitcoin mining and toward the data center and infrastructure narrative.
Right now, $WGMI is holding its pivot lows along with the AVWAP from the April lows.
If that level breaks, it opens the door for a retest of the prior base breakout area near $30, roughly 20% below current levels.
This is the spot where these miners either catch a bid, or lose their edge.
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