Riot Blockchain (NASDAQ: RIOT) stock price has started to lose momentum after a massive rally. Since the start of 2023, the BTC mining stock has performed extremely well. This price rally has yielded almost 400% returns for the shareholders till now.
Last week, Riot Blockchain stock remained sideways due to a similar price action in Bitcoin. On a monthly timeframe, the stock closed in July with more than 56% returns. This makes it one of the best-performing blockchain stocks of last month.
RIOT Platforms To Release Earnings On 9th August
Even though the stock of RIOT Platforms is trading sideways these days, in the coming days, I anticipate an increase in volatility. There are multiple reasons behind it. Firstly, the Bitcoin mining company is set to release its earnings report on 9th August. Secondly, the CPI data for July 2023 will be released on 10th August.
Both of these upcoming events will keep the traders on their toes in the coming days. The recent pullback in RIOT blockchain share price can be attributed to the decreased BTC production in July 2023. During the last month, the company produced 11% less BTC than the month before.
Riot Blockchain Share Price Prediction After Earnings
Just like other BTC mining stocks, the company’s profitability depends on the amount of BTC it mines every quarter. There has been a significant increase in BTC hashrate in the past three months. This might be the reason for a decreased BTC production in July.
This may also affect the bottom line in the upcoming Q2 earnings report. For Riot Blockchain stock price prediction to flip bullish, the stock needs to break above the $20.5-$23.5 resistance zone. This might trigger another bullish leg in the publicly listed miner. However, an weak earnings report may send the stock below $15 for another retest of the tredline.
In the meantime, you can also follow me on Twitter, where I share my personal trades and real-time outlook on the RIOT Platforms.
