Argo Blockchain Share Price Hits Resistance After A 250% Pump
Argo Blockchain (LON: ARB) share price continued to rally for the 11th consecutive day in a row. On Thursday, the shares of the Bitcoin miner extended their gains by another 12.81% and stood at 29.35p at press time.
The rally appears to be a result of the ongoing spot Bitcoin ETF hype, as most analysts are anticipating an approval of the Bitcoin exchange-traded fund (ETF) as soon as January 2024. As Argo Blockchain plc is a Bitcoin mining firm, its shares have been on a tear since the start of December 2023.
Argo Blockchain shares have massively outperformed the Bitcoin price this month. While the Bitcoin price is up 12.24% this month, LON: ARB has soared 248% during the same time. This price action comes despite a net loss of $9.9 million, which was reported by the Bitcoin mining firm in its Q3 earnings report.
Many investors are buying stocks of the Bitcoin mining companies, anticipating a bullish price action due to the potential approval of spot Bitcoin ETF and next year’s Bitcoin halving.
However, Argo Blockchain share price prediction now depends on the price action around the 29.75p level, which may act as a resistance in the weekly timeframe. A reclaim of this level could trigger another rally toward August 2022 highs of 52p. The higher likelihood is of at least a short-term correction from the current levels.