IREN, BMNR, HUT, CIFR, BTDR Rise With Bitcoin Back Near $70K – Analysts Flag Key Support Levels

• Bitcoin was trading above $69,000 on Wednesday, approaching the $70,000 level it has struggled to hold in recent sessions.
• Analysts point to $58,000 (200W moving average) and $54,000 (realized price) as crucial support levels.
• On-chain data indicate the market is in a protracted correction rather than a complete collapse, with long-term profitability remaining high.

Crypto mining stocks rose broadly in Wednesday's pre-market hours as Bitcoin (BTC) climbed back toward $70,000, for the first time this week. With momentum indicators softening and analysts pointing to growing short-term weakness beneath the surface, Bitcoin ended March around $68,000.

Crypto Mining Stocks Trade Higher In Pre-Market

IREN Limited (IREN) traded up close to 3% in pre-market hours. The stock closed over $34 on Tuesday. On Stocktwits, the retail sentiment around IREN remained in the ‘bullish’ territory, while chatter levels around it remained ‘high’ over the past day.

Bitmine Immersion Technologies Inc. (BMNR) also traded up by close to 3% in pre-market hours, and the stock closed at $19.78 on Tuesday. On Stocktwits, the retail sentiment around BMNR moved from ‘neutral’ to ‘bearish’ zone, while chatter levels improved from ‘low’ to ‘normal’ over the past day. 

Hut 8 Corp (HUT) was trading over 2% in pre-market hours. The Bitcoin-mining stock closed above $46 on Tuesday. On Stocktwits, the retail sentiment around HUT moved from ‘neutral’ to ‘bearish,’ territory, while chatter levels around it remained ‘normal’ over the past day.

Cipher Digital Inc (CIFR) was trading up by 2% in pre-market hours. On Tuesday, the stock closed over $12. On Stocktwits, the retail sentiment around CIFR moved from the ‘bullish’ to ‘extremely bullish’ zone, while chatter levels around it remained ‘extremely high’ over the past day. 

Bitdeer Technologies Group (BTDR) was trading up about 3% in pre-market hours, after closing over $8 on Tuesday. On Stocktwits, the retail sentiment around BTDR remained in the ‘bearish’ territory, while chatter levels around it remained ‘normal’ over the past day.

Analysts Flag Critical BTC Support

When it comes to Bitcoin, Crypto analyst Plan B said the realized price of about $54,000 is a metric closely watched by market participants as a crucial downside level. He believes that Bitcoin’s price can dip below the 200-day moving average of $58,000, “the next leg up” towards the $500,000 range.

Moving into this area would be consistent with previous cycle behavior, in which prices frequently compress toward long-term cost bases before building a stronger base. According to CryptoQuant analyst CryptoMe, flagged on-chain data, there hasn't been a complete structural reset in the market. 

Compared with previous capitulation phases, long-term profitability metrics remain high, suggesting the current situation is more in line with a long-drawn-out corrective phase than with a severe bear-market bottom.

Bitcoin's price was at $68,785.42, up by over 2% in the last 24 hours. On Stocktwits, the retail sentiment around BTC remained in the ‘bearish’ territory, while chatter levels around it remained ‘low’ over the past day. 

Read also: Iran, Russia-Linked Networks Reportedly Turn To Crypto To Power Global Drone Trade

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