Cipher Mining Inc (NASDAQ:CIFR) shares slipped on Monday as Bitcoin's (CRYPTO: BTC) pullback weighed on crypto‑linked names and momentum stocks more broadly.
- Cipher Mining stock is showing notable weakness. Why is CIFR stock falling?
What Happened: Bitcoin dropped below $86,000 on Monday as traders stepped back ahead of key macro events. The cryptocurrency has been consolidating after its sharp, 80% post‑election surge in 2024, which briefly drove prices into the $120,000 to $125,000 zone.
Bitcoin remains pinned under a falling trendline that has guided prices lower since October. Each rebound attempt has been rejected at that level, leaving the broader setup in a corrective posture until Bitcoin can reclaim and hold above it.
Cipher is dedicated to developing and operating industrial-scale data centers for both bitcoin mining and HPC infrastructure. The stock also appears to be caught in a pullback among momentum names amid continued profit-taking and renewed investor caution around AI-infrastructure valuations.
Despite the selling pressure on Monday, Canaccord Genuity analyst Joseph Vafi reiterated a Buy rating on Cipher Mining with a price target of $27, suggesting confidence in the company's longer‑term fundamentals even as near‑term volatility persists.
The stock currently sits 14.6% under its 20‑day SMA and 19% below its 50‑day SMA, a setup that points to near‑term weakness. The RSI at 46.37 is neutral, suggesting neither buyers nor sellers have the upper hand, while the MACD trending below its signal line reinforces the bearish tone.
Support sits near $13.00, while resistance is around $17.10. Holding support could spark a rebound, but a breakdown would open the door to further declines. Conversely, a decisive move above resistance may signal a shift back toward bullish momentum.
Despite recent volatility, CIFR has delivered an impressive 101% gain over the past 12 months, underscoring strong longer‑term performance.
CIFR Price Action: Cipher Mining shares were down 10.67% at $15.24 at the time of publication on Monday, according to Benzinga Pro.
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