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Bitcoin Soars, Rivian Falls, and Three More on the Move

Cryptocurrency skeptics are at a loss in explaining Bitcoin’s strength. After BTC-USD consolidated at around $42,000, the price jumped to $44,903 at the open, on Jan. 2. The market continues to look for alternatives to the U.S. dollar, gold, and hopes of an exchange-traded spot Bitcoin fund.

Beware. Media attention for BTC will increase after prices more than doubled in the last year.

In the electric vehicle space, profit-takers appeared suddenly and unexpectedly. Rivian Automotive (RIVN) slightly missed analyst expectations. Traders who missed the RIVN stock rally will patiently wait for the stock to fall back to between $13 - $14 a share. Its fundamentals remain uncertain. The company will continue to lose money for several quarters. Its losses of $1.4 billion a quarter are not a sustainable business model.

In the chip sector, Advanced Micro Devices (AMD) will try to get back some of the 6% loss from yesterday. Bulls should not expect much. AMD stock is up more than 120% in 2023. CEO Dr. Lisa Su unveiled the MI300x AI accelerator. AMD’s hardware has yet to prove it may compete with Nvidia’s (NVDA) AI servers.

Since trading close to $500 in August 2023, nVidia failed to break out several times above that price. Technical traders may treat $500 as the peak price for the AI leader.

ARM Holdings (ARM) formed a base rally price at around $50 last November. The rally to $78.66 could prove temporary. ARM stock lost 8.28% yesterday. Trading conflicts between the U.S. and China may hurt this stock.