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Bitcoin Miner Marathon Digital Downgraded at BTIG on Headwinds

There are all kinds of interesting things taking place in the crypto space. Check out the latest reports below.

MARA has one less bull on Wall Street

According to the latest reports coming from CoinDesk, Marathon Digital (MARA) has one less bull on Wall Street after BTIG’s Gregory Lewis downgraded the stock from buy to neutral following Compute North’s bankruptcy filing.

It’s been revealed that the crypto mining data center provider, Compute North is the primary host for Marathon’s mining rigs, noted Lewis in a note to clients, and the upcoming restructuring is likely to slow Marathon’s hash capacity growth in the near-term.

The online publication mentioned above notes the following:

“There’s some good news over a longer time frame, said Lewis, as Compute North’s bankruptcy may give Marathon a chance to build a data center infrastructure footprint at “distressed pricing.” Lewis also expects that current hosting contracts will be renegotiated.”

Crypto market latest news

A popular crypto analyst known for calling the Bitcoin (BTC) May 2021 collapse says BTC is still in the “buy zone” despite the sputtering market.

The pseudonymous trader known as Dave the Wave said that Bitcoin is in an extended sideways range within the buy zone.

“Extended sideward range forming within the buy zone. Would like to see held.”

The analyst also noted the fact that Bitcoin’s monthly moving average convergence divergence (MACD) looks bullish.

As the online pubcalition the Daily Hodl notes, the MACD is a trend-based momentum indicator that depicts the relationship between two moving averages of an asset. It is also used by traders to pinpoint reversals.

“The monthly MACD did wonders for predicting the top [loss of momentum/ blue arrow]. Histogram is now as over-extended as previously… and on a similar time-range. Bullish [for optimal buying as opposed to buying the top].”

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