Cipher Mining Inc. (NASDAQ:CIFR) stock is surging Friday as Bitcoin (CRYPTO: BTC) rebounded toward $79,000, lifting cryptocurrency mining-related stocks.
The Nasdaq is up 1.08% while the S&P 500 has gained 1.01% and Technology is leading with a 1.55% gain.
Bitcoin (CRYPTO: BTC) surged back to $79,000 Friday, swinging nearly 4% in two hours as traders digested hotter-than-expected August inflation data and its implications for a September interest-rate decision.
According to Benzinga Pro, shares of crypto-linked companies are also trading higher ahead of an upcoming Senate vote on the Clarity Act.
Sen. Cynthia Lummis said on social media that the updated text reflects “bipartisan hard work over August,” potentially boosting investor optimism that the bill can clear a key procedural vote.
The movement in Cipher also follows background news from last Thursday, when the company said it started developing lateral pipelines across multiple sites.
The infrastructure aims to overcome power-grid constraints by connecting facilities to nearby natural gas supplies.
The pipelines could support up to 2.5 gigawatts of on-site power generation. Cipher Digital will work with power providers to develop the generation infrastructure, targeting power availability before the end of 2027.
Technical Analysis
The chart is still in a “repair” phase: CIFR is trading 3.8% above its 20-day SMA ($16.49), but it remains 9.1% below the 50-day SMA ($18.85) and 7.1% below the 200-day SMA ($18.43), which keeps overhead supply in play on rallies. The 20-day SMA sitting below the 50-day SMA is a near-term bearish alignment, even as the 50-day SMA staying above the 200-day SMA suggests the longer-term trend hasn’t fully broken down.
RSI is the cleaner momentum read right now, sitting at 49.29, which points to neutral momentum rather than an overbought chase or an oversold bounce.
Key levels are tight enough to matter for swing traders watching follow-through after Friday’s pop:
- Key Resistance: $18 — a round-number ceiling that also sits near the 50-day/200-day moving-average zone overhead
- Key Support: $14.50 — a nearby area where buyers previously stepped in, leaving it as the next downside reference if momentum fades
Zooming out, the stock is up 72.57% over the past 12 months, but it’s also well off the $30.14 52-week high set in June, highlighting how much of the longer-term move has been retraced. Traders will also note the recent swing high in June and swing low in September as the most recent “bookends” for the current range.
CIFR Stock Price Activity: Cipher Digital shares were up 7.94% to $17.20 at the time of publication on Friday, according to Benzinga Pro data.
Image via Shutterstock
