Bitcoin is coming back strong.

After pulling back to less than $55,000 in early August, the digital currency is back to $61,583 and could push even higher near term. 

Helping, the Federal Reserve is getting set to cut interest rates at its September meeting. 

Plus, as noted by Forbes.com:

“Institutional investors have ‘bought the dip’ over the second quarter of the year, despite a decline in the bitcoin price of 12%, according to a report from asset manager Bitwise, with the company’s chief investment officer, Matt Hougan, calling it a ‘great sign.’”

Going along for the ride have been mining stocks and a software stock that now owns 226,500 Bitcoin as of the end of June 2024.

MicroStrategy (MSTR)

That software firm with 226,500 BTC is MicroStrategy (MSTR), which just exploded from a low of about $102.40 to $140.60. From here, it could run back to $170 near-term, especially if Bitcoin price push aggressively higher.

Helping, Cantor Fitzgerald just initiated an overweight rating on the stock, noting that “demand for Bitcoin will meaningfully accelerate from here.”

Marathon Digital (MARA)

Since bottoming out at around $15, MARA is now back up to $17.74. From here, we’d like to see it rally back to $22 near term. Helping, the company just said its July BTC production jumped 17% month over month to 692. MARA also just bought $100 million of BTC and how holds over 20,000 BTC on its balance sheet.