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Shares of Bitcoin mining company Riot Platforms Inc. RIOT closed 13.81% higher on Wednesday and have gained over 47% in last one month. That’s almost twice the gain registered by Bitcoin BTC/USD during the period.
What Happened: The stock has gained prominence after the company announced in early March that it produced 675 BTC, registering an increase of approximately 55% compared to the February 2022 production of 436 BTC.
Riot said it held approximately 7,058 Bitcoins as of Feb. 28, 2023 — all produced by the company’s self-mining operations. The company also indicated it had sold 600 Bitcoins, generating net proceeds of approximately $14.2 million.
Also Read: How to Buy Bitcoin (BTC)
As the stock continues on its upward path, here’s a look at what the options market is factoring-in:
1. Resistance: The stock closed at $9.23 on Wednesday. Riot Platforms’ shares are witnessing a stiff resistance at the $9.5 level, according to open interest accumulation seen in out-of-the-money call options expiring Friday. At the same time, options expiring on April 21 indicate the stock faces resistance at the $10-level. As a result, a prudent step would be to analyze how the company performs in the near future before inferring optimism from the stock’s recent surge.
2. Support: It is interesting to note that options expiring this Friday as well as those expiring on April 21 indicate the same support level — at the $8-mark. With the support level factored-in by the options market lying 10% below the current stock price and resistance levels being close to it, professional market participants appear to harbor a limited bullish stance on the stock.
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Image and article originally from www.benzinga.com. Read the original article here.