Cipher Digital Inc. (NASDAQ:CIFR) shares are trading lower during Thursday’s session. The decline follows a volatile week for the data center operator.
Bitcoin Pullback Pressures Crypto Miners
Digital asset markets are facing downward pressure today. Bitcoin (CRYPTO: BTC) fell 2.93% over the last 24 hours to approximately $68,983.
The Nasdaq and S&P 500 also shed 1.74% and 1.28%, respectively.
Insider Activity Triggers Caution
Investors are reacting to a U.S. Securities and Exchange Commission filing from Wednesday. Director Cary Grossman sold 30,000 shares on Monday. The transaction occurred at an average price of $14.54 per share. This sale reduced Grossman’s total ownership by 14.96%. He now holds 170,530 shares in the company.
Expansion News Fails to Sustain Gains
The drop follows a positive Wednesday. CEO Tyler Page announced a 15-year data center campus lease. Page stated, “This agreement for our third large AI campus reinforces Cipher’s position as a trusted partner.” The company also secured a $200 million credit facility.
Short Interest Data
According to Benzinga, short interest recently decreased. It fell from 64.37 million to 57.28 million shares. This represents 18.56% of the company’s public float. Currently, it would take traders 2.25 days to cover these positions.
Technical Analysis
CIFR is trading 1.9% below its 20-day simple moving average (SMA) and 12.7% below its 100-day SMA, showing short-to-intermediate trend pressure even as the longer-term structure remains constructive.
Shares are up 442.91% over the past 12 months, and they’re positioned closer to their 52-week highs than lows within the $1.86 to $25.52 range.
RSI is at 54.57, which sits in neutral territory. MACD is at -0.2218 versus a signal line at -0.3866.
- Key Resistance: $15.50
- Key Support: $13.50
CIFR Price Action: Cipher Digital shares were down 8.38% at $15.40 at the time of publication on Thursday, according to Benzinga Pro data.
Image via Shutterstock