- Bitcoin climbed back above $67,000 on Monday, up 1% over the past 24 hours.
- Bitcoin mining stocks, Mawson Infrastructure Group, and Greenidge Generation Holdings led gains, rising over 4% and 3%, respectively, in pre-market hours.
- CheckOnChain analyst James warned that near-term conditions are unlikely to improve for Bitcoin.
Bitcoin (BTC) hovered around the critical $67,000 support level on the weekly chart on Monday morning, while crypto mining stocks moved higher in pre-market trading and on-chain data suggested the market remains stuck in a prolonged consolidation phase rather than a decisive breakout.
On-chain analysts believe Bitcoin is still in 'time pain' rather than having a definitive breakout above or below the $67,000 resistance level. Checkonchain noted on X that the price is moving sideways due to negative sentiment, as impatient capital has been leaving while new buyers with a stronger conviction are starting to come in.
The data from CryptoQuant also indicated that long-term holders' profitability (NUPL) has dropped by approximately 58% to nearly 3%. The firm said that, though there is no definitive signal of full capitulation yet, the data suggested consolidation at resistance and a reset in market positioning.
Bitcoin's price was trading at $67,577, up 1% over the past 24 hours. The small uptick in BTC in the last 24 hours has helped spur a more general rise among the crypto mining stocks.
Bitcoin Mining Stocks Post Broad Pre-Market Gains
MARA Holdings, Inc (MARA) was up by close to 2% during pre-market hours. The stock had closed over $8 on Friday. On Stocktwits, the retail sentiment around MARA remained in ‘bullish’ territory, as chatter levels around it remained ‘high’ over the past day.
CleanSpark, Inc (CLSK) was trading up by over 3% during pre-market hours. The stock had closed over $8 on Friday. On Stocktwits, the retail sentiment around CLSK moved from ‘neutral’ to ‘bearish’ territory, while chatter levels around it remained ‘high’ over the past day.
Greenidge Generation Holdings Inc. (GREE) was trading up by over 3% during pre-market hours. The stock had closed at $1.11 on Friday. On Stocktwits, the retail sentiment around GREE remained in ‘bearish’ territory, as chatter levels around it remained ‘low’ over the past day.
Mawson Infrastructure Group Inc. (MIGI) was trading up by over 4% during pre-market hours. The stock closed near $2 on Friday. On Stocktwits, the retail sentiment around MIGI remained in ‘bullish’ territory, as chatter levels around it remained ‘normal’ over the past day.
LM Funding America Bucks The Trend
LM Funding America, Inc. (LMFA) was trading down 0.14% in pre-market hours. The stock closed at $0.29 on Friday. On Stocktwits, retail sentiment around LMFA remained in ‘bearish’ territory, with chatter levels ‘high’ over the past day.
Will April Be Bullish For Bitcoin?
With just two days left in March, attention is turning to Bitcoin’s historical performance in April, which has typically been one of its stronger months. Data from past cycles shows Bitcoin often posted positive returns in April following weak first quarters.
CheckOnChain analyst James, however, said on Monday that “the odds that conditions improve before they get worse…are not great.” Whether this would impact Bitcoin’s prices in the future remains to be seen.
Read also: Tom Lee Said Crypto Winter Will End In April — Clock’s Ticking, Bitcoin Isn’t
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