Why did Marathon Digital stock shoot up today? Bitcoin rallies

Marathon Digital Holdings ( NASDAQ: MARA ) stock jumped 14% on Monday as bitcoin ( BTC-USD ), the mining of which is Marathon's main revenue stream, rose firmly in the green and eyed a key technical level. The world's largest digital token by market cap ( BTC-USD ) climbed 3.7% to $29.21K as of 4:01 p.m. ET. It's creeping towards $30K which was last breached in the beginning of June. What was then a "support" level is now "resistance" with respect to technical analysis. Mike Fay, leader of 'BlockChain Reaction,' thinks MARA is better positioned than most peers to benefit from a substantial rise in the price of bitcoin, as the company's mining capacity continued to grow despite a lingering market downturn. For March, Marathon ( MARA ) generated 21% more bitcoins from the month before and held firm to its mid-2023 mining capacity target.