MARA Shares Plummet Amid Short Squeeze Setup and Bitcoin Price Drop
MARA Holdings (NASDAQ: MARA) shares declined on Thursday in tandem with falling digital asset prices and broader market weakness. The Nasdaq dropped 1.14% and the S&P 500 shed 0.54%. Bitcoin fell by 2% to $77,000 as Brent crude climbed past $102 a barrel and crude oil topped $97.
The company's stock price was influenced by short squeeze setup, with technical analysis suggesting that MARA could reclaim its previous quarter's value area low near $10.88 without major rejection. This could potentially lead to a breakout towards $13.50-$14.25 if the move holds. A stronger move contingent on continued Bitcoin strength could extend towards $15.85.
MARA's second-quarter was marred by difficulties despite higher output, with revenue falling 27% to $174.9 million and a net loss of $611.3 million that included an unrealized Bitcoin mark-to-market loss of $343.0 million. The company mined 2,422 BTC in the quarter, up 3% year-over-year.