Argo Blockchain Share Price Remains Unfazed By BTC Drop
Argo Blockchain (LON: ARB) share price has remained unfazed by the recent BTC price action. The stock of the publicly listed Bitcoin miner started the year strong and surged above $21. This was due to the soaring BTC price at the start of 2023. However, Argo Blockchain stock price has been showing a very weak correlation to Bitcoin for the past few weeks.
Cryptocurrencies are depicting an across-the-board sell-off on Wednesday. Bitcoin, the biggest cryptocurrency by market cap, fell by 3.58% during today’s trading session. Nevertheless, Argo Blockchain shares showed relative strength and were down only 1.69%.
Argo Blockchain Welcomes New CFO
In one of the most recent developments, Argo Blockchain has appointed a new Chief Financial Officer, Jim MacCallum. The new CFO brings more than 30 years of experience in accounting and finance. The mining company made the announcement on Twitter. At the time of writing, Argo Blockchain share price is trading at 12.2p.
In other news, senior strategy analyst Andrew Demosthenous will be participating in a Bitcoin mining panel discussion at MIT Bitcoin Expo. The event will be held on April 22. According to the analytical website Ycharts, the BTC hashrate is thriving and currently stands at 395M TH/s. This is just slightly below the recent all-time high of 398M.
Argo Blockchain Share Price Is About To Breakout
The following LON: ARB chart shows that the ARGO stock has formed a symmetrical wedge pattern on the daily timeframe. After weeks of sideways price action, the price has finally reached the apex of the pattern from where a big move is expected soon. However, the direction of this move is still unknown.
If Bitcoin price gains strength above $30k, then Argo blockchain share price will most likely break in the upward direction. However, the stock of the mining company might break toward the downside if BTC heads for another retest of $25k from its current level.
I’ll keep sharing my updated price outlook on Argo Blockchain stock & cryptocurrencies in my free Telegram group, which you’re welcome to join.