shares of Bitcoin mining company Riot Platforms Inc. REVOLT closed up 13.81% on Wednesday and is up over 47% over the past month. That’s almost twice as much Profit registered by Bitcoin BTC/USD during the phase.

What happened: The stock has gained traction after the company announced in early March that it was producing 675 BTC, up about 55% from February 2022’s production of 436 BTC.

Riot said it owned approximately 7,058 bitcoins as of February 28, 2023 — all produced by the company’s own mining operations. The company also said it sold 600 bitcoins, raising approximately $14.2 million in net proceeds.

Also read: How to Buy Bitcoin (BTC)

As the stock continues its uptrend, here’s what the options market is pricing in:

1. Resistance: The stock closed at $9.23 on Wednesday. Riot Platforms shares are seeing stiff resistance at $9.5, according to open interest accumulation observed on out-of-the-money call options expiring on Friday. At the same time, options expiring on April 21 suggest the stock is facing resistance at the $10 level. Therefore, it would be a wise move to analyze how the company is performing in the near future before deriving optimism from it the recent rise in the stock.

2. Support: It is interesting to note that options expiring this Friday as well as those expiring on April 21st are showing the same level of support – at the $8 mark. With the options market’s projected support level 10% below the current stock price and resistance levels close to it, market professionals appear to have a limited optimism on the stock.

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