Bitfarms Down 30% In 1 Week Despite $588M Raise: Will $4 Be Support?

**Bitfarms Stock Plunges 30% Weekly Despite Major $588M Funding Round**

Bitcoin mining giant Bitfarms Ltd. (NASDAQ:BITF) experienced a dramatic 30% weekly decline, with shares hovering near the critical $4 support level despite successfully completing a massive $588 million convertible notes offering. The cryptocurrency infrastructure company's sharp correction from monthly highs highlights ongoing volatility in the Bitcoin mining sector.

The substantial fundraising round demonstrates institutional confidence in Bitfarms' blockchain operations, yet market sentiment remains bearish amid broader cryptocurrency market uncertainty. Bitcoin miners face mounting pressure from energy costs, mining difficulty adjustments, and fluctuating BTC prices, creating challenging conditions for mining profitability.

Technical analysis suggests the $4 price level represents crucial support for BITF stock, with traders closely monitoring whether this threshold will hold. The convertible notes structure provides Bitfarms with significant capital flexibility for expanding mining operations and upgrading infrastructure.

Investors in cryptocurrency stocks and Bitcoin mining companies are weighing the disconnect between successful capital raises and declining share prices, as DeFi and blockchain sector volatility continues impacting mining equity valuations across major exchanges.