Riot Blockchain (NASDAQ: RIOT) stock price has been on a tear since the start of this year. The shares of the mining company surged more than 440% during this time, making it one of the best-performing BTC mining stocks of the year. The price is currently retesting a key supply zone amid sideways BTC price action.
While most altcoins are getting headwinds from the recent weakness in BTC price action, Riot Blockchain shares are showing good strength. Even though the stock is 14% down from its yearly peak, it is still maintaining its bullish market structure.
Riot Platforms Produced 11% Less BTC In July
According to the latest Riot Platforms news, the BTC mining company produced 410 Bitcoins in July. This was an 11% decrease from June and a 29% increase from the same period last year. This could be a reason behind the 3.10% pullback in Riot Blockchain stock price this week.
The price action of the BTC mining stocks in the coming few months will be very interesting as the BTC halving is less than a month away. After the halving, the Bitcoin rewards for each block will be reduced from the current 6.25 BTC to only 3.25 BTC.
Riot Blockchain Stock Price Prediction 2024
NASDAQ: RIOT is a stock that shows a very strong correlation to the BTC price. As the crypto markets rally, this stock also shows a positive price action. Despite a remarkable recovery from its 2022 lows, RIOT is still trading 77% below its 2021 all-time high.
Riot Blockchain stock price prediction might become very bullish if it breaks above $23.66. This is a massive resistance on the weekly chart, which has resulted in multiple corrections. In case of a deeper rejection, the price may retest the upward trendline once again, which is mentioned in the chart below.
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