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Taking a look at what insiders are doing to gauge the Bitfarms Ltd (BITF)’s direction

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Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Bitfarms Ltd shares valued at $217,120 were purchased by MALON INVESTMENTS HOLDINGS COR on Nov 07 ’24. At $2.17 per share, MALON INVESTMENTS HOLDINGS COR acquired 100,000 shares.

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Also, MALON INVESTMENTS HOLDINGS COR purchased 500,000 shares, netting a total of over 939,150 in proceeds.

Before that, MALON INVESTMENTS HOLDINGS COR had added 600,000 shares to its account. In a trade valued at $1,158,717, the Former Director bought Bitfarms Ltd shares for $1.93 each.

As published in their initiating research note from Alliance Global Partners on December 04, 2024, Bitfarms Ltd [BITF] has been a Buy and the price target has been revised to $6. As of June 04, 2024, H.C. Wainwright has initiated its “Buy” rating for BITF. Earlier on December 14, 2023, B. Riley Securities initiated its rating. Their recommendation was “a Buy” for BITF stock.

Analyzing BITF Stock Performance

During the last five days, there has been a drop of approximately -12.08%. Over the course of the year, Bitfarms Ltd shares have dropped approximately -37.46%. Shares of the company reached a 52-week high of $3.91 on 02/27/24 and a 52-week low of $1.52 on 05/13/24. A 50-day SMA is recorded $2.07, while a 200-day SMA reached $2.19. Nevertheless, trading volume fell to 64.17 million shares from 57.31 million shares the previous day.

Support And Resistance Levels for Bitfarms Ltd (BITF)

According to the 24-hour chart, there is a support level at 1.72, which, if violated, would cause prices to drop to 1.62. In the upper region, resistance lies at 2.00. The next price resistance is at 2.18. RSI (Relative Strength Index) is 41.74 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.06, which suggests the price will decrease in the coming days. Percent R is at 96.49%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.

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