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What Happens Next After Bitcoin Rallied 9.3% in November

Bitcoin (BTC-USD) is having a good month. In November, prices rose by 9.3%. This sets up a potential breakout for bitcoin miners.

Bitcoin miners get a bigger reward when BTC prices are rising. It will add to the bottom line of firms like CleanSpark (CLSK), Iris Energy (IREN), and Marathon Digital (MARA). Still, Marathon Digital has high variable costs. Expect MARA stock to dip more than other miners if the BTC rally loses momentum.

CleanSpark is attractive. It may scale operations as BTC prices increase. It also enjoys fleet efficiency and favorable power costs. Iris Energy benefits from inexpensive power contracts. It may expand operations at its Childress site.

Investors were uncomfortable in buying BTC or the above-mentioned miners may consider financials. Coinbase Global (COIN) will benefit from increased transactions and customer growth for its crypto platform as prices rise.

Investors may bet on a short squeeze. Bakkt Holdings (BKKT) has a short float of 17.54%, or a 7.57x short float ratio. Riot Platforms has a 19.52% short float. Hut 8 Mining has an 11.8% short float. Bitcoin might have the continued momentum to rise further. This would trigger a short squeeze that leads to 20% weekly gains. Bears would need to cover their short position, buying the stock and further fueling a squeeze.