Bit Digital Places Major Focus on ETH Staking as Mining Initiatives Dwindle
Business Model Shift: Bit Digital, Inc. is transitioning from Bitcoin mining to Ethereum staking, resulting in a significant increase in third-quarter revenue, with ETH staking rewards rising from $0.4 million to $2.9 million.
Analyst Outlook: H.C. Wainwright & Co. analyst Kevin Dede maintains a Buy rating and a $7 price target, citing the company's strong performance and the value of its ETH treasury and WhiteFiber stake, which he believes is undervalued.
ETH Treasury Growth: By October 30, Bit Digital's ETH treasury reached approximately 153,547 ETH, valued at around $486 million, with expectations of continued growth in staking revenue.
Risks and Forecasts: Dede notes potential risks such as crypto-market volatility and competitive pressures, while forecasting a decline in Bitcoin mining revenue and raising revenue estimates for WhiteFiber in the coming fiscal years.
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Technical Analysis for
Technical Sentiment Analysis for () As of , () is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
() Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
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