• The individual stocks of Riot Platforms have already fallen by over 20% from their high point so far this year.

• This type of decline is due to a decrease in BTC prices.

The stock price of Riot Platforms (NASDAQ stock code: Riot) has been declining in the past periodBTCOther cryptocurrencies are gradually withdrawing. This stock fell to the bottom of $11.48 on the morning trading day. This means that the stock has fallen by more than 20% from its high point this year, which means it has entered a bear market in the stock market.

Is it safe to buy dipping materials?

Riot blockchain is one of the world's largest Bitcoin mining machine companies. It competes with enterprise markets such as Argo blockchain and Marathon Digital. Therefore, like other mining industries, these enterprises have a close correlation with the price of call option.

This explains the main reason for the rapid rise in Riot Platforms' stock price this year. From its lowest point in 2022 to its current high, RIOT's stock price has risen by over 338%, becoming one of the main best-performing stocks in the market.

Therefore, to predict and analyze whether the stock price of Riot blockchain technology will rebound, it is first necessary to understand how BTC will decline and whether other factors will also rebound quickly. As I did in this articleArticle content,The main reason for the sharp decline is the sharp increase in the total settlement amount that has risen in the past two days.

Settlement also occurs when brokers and exchanges force the closure of financial leveraged trading positions. Therefore, this can generally create a burden on the price.

Another main reason for these issues is the significant pressure level of BTC's recent increase of over $30000. From a historical perspective, cryptocurrencies typically fluctuate slightly when they fluctuate above or below a certain support point or pressure level.

Another main reason is that several regional financial institutions, including those within the Western Alliance, have posted strong sales performance. Its net inflow of funds increased by over $3 billion. Therefore, the risk of commercial bank disasters seems to have been minimized. Bernstein's investment analysts pointed out in a report:

All implicit shifts, whether in terms of bank loan business or territorial sovereignty, also position BTC well alongside gold as a safe haven asset

Therefore, as the Federal Reserve meeting gradually shifts, the Bitcoin market is likely to rebound for many months in the near future.

Riot Platforms Stock Price Forecast Analysis

The daily curve shows that RIOT's stock price formed the traffic layout on Wednesday. In stock technical analysis, this pattern is generally a sign of bullishness. This stock has already risen above the 25 day and 50 day moving average system.

It is still slightly above the important support level of $10.53, which is also the highest value on August 11th. Therefore, I suspect that this stock will fall to an important fulcrum of $10.53. This stock will repair its upward trend in the future, as customers aim to reach a high of $14.51 so far this year.

How to purchase Bitcoin

Coin security

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Yellow okra

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