MARA shares surge as Bitcoin rebounds and Morgan Stanley raises forecast

MARA Holdings shares surged on Friday as Bitcoin prices rebounded and Morgan Stanley raised its forecast. MARA shares were up 8.93% at $12.68 at publication. Bitcoin was trading at $80,997.20 after rising 6.09% over 24 hours. Morgan Stanley maintained an Underweight rating on MARA and raised its price forecast to $11. The CFTC submitted a proposal on Thursday to establish a regulatory framework for crypto asset transactions and markets. The CFTC and the SEC made additional announcements on Wednesday. Benzinga Pro said the actions signal continued regulatory activity after the CLARITY Act failed to advance in the Senate. MARA was trading 11.7% above its 20-day SMA of $11.39. MARA was trading 13.8% above its 50-day SMA of $11.18. MARA was trading 16.2% above its 200-day SMA of $10.95. MARA was down 31.22% over the previous 12 months. The 20-day SMA was above the 50-day SMA. A golden cross involving the 50-day and 200-day SMAs occurred in June. The article identified $13 as key resistance. The article identified $11.50 as key support. MARA had a Buy consensus with an average analyst price forecast of $17. JPMorgan downgraded MARA to Underweight and lowered its price target to $11 on Monday. HC Wainwright & Co. maintained a Buy rating with a $20 forecast on Sept. 11. MARA represented 3.87% of the Bitwise Crypto Industry Innovators ETF. MARA represented 3.98% of the Global X Blockchain ETF. MARA represented 2.83% of the Fidelity Crypto Industry and Digital Payments ETF. ETF rebalancing could lead to buying or selling of MARA shares if the funds experience significant inflows or outflows.