The Bitcoin (CRYPTO:$BTC) bear market is approaching a milestone few investors expected nine months ago. Since peaking at approximately $123,641 on Oct. 6, 2025, the world’s largest cryptocurrency has fallen to around $62,533.
Yet while Bitcoin continues to trade far below its highs, two closely watched crypto stocks are starting to send a very different message.
MARA Holdings Inc. (NASDAQ:MARA) and HIVE Digital Technologies Ltd. (NASDAQ:HIVE) have both recently flashed Golden Crosses — a technical pattern that occurs when a shorter-term moving average rises above a longer-term moving average and is often viewed by traders as a bullish signal.
The divergence is raising an interesting question: Are crypto stocks seeing a recovery before Bitcoin itself?
Bitcoin Is Still Deep In A Drawdown
The scale of Bitcoin’s decline remains significant.
A drop from roughly $123,641 to $62,533 represents a loss of more than $61,000 per coin and places Bitcoin nearly 50% below its October high.
The cryptocurrency is also down about 29% year-to-date and nearly 38% over the past year, according to TradingView data.
Historically, moves of this magnitude have weighed heavily on crypto-linked equities, particularly miners whose revenues are tied to Bitcoin prices.
That’s what makes the recent technical developments in MARA and HIVE noteworthy.
MARA And HIVE Are Flashing A Different Signal
Chart created using Benzinga Pro
MARA shares are trading near $14.43 and recently formed a golden cross as the stock’s 50-day moving average climbed above its 200-day moving average.
A similar pattern has emerged at HIVE, where shares are trading around $4.51.
Chart created using Benzinga Pro
For technical traders, golden crosses are often interpreted as evidence that momentum is improving and that investors are beginning to position for a potential recovery.
The signals don’t guarantee higher prices. But they do suggest the market may be becoming more optimistic about the outlook for crypto-related equities despite Bitcoin’s ongoing weakness.
What Are Investors Seeing?
One possibility is that investors believe much of Bitcoin’s bad news has already been priced into mining stocks.
Another is that equity investors are looking beyond current cryptocurrency prices and focusing on future catalysts, including improving industry economics, lower competition and the possibility of a broader recovery in digital assets.
HIVE also brings an additional dimension to the conversation. In recent years, the company has expanded into high-performance computing and AI-focused infrastructure, giving investors exposure to themes beyond cryptocurrency mining alone.
A Leading Indicator Or A False Start?
Markets often move ahead of fundamentals.
Homebuilders can rally before housing data improves. Semiconductor stocks frequently bottom before chip demand recovers. The same dynamic can sometimes play out in crypto-related equities.
That doesn’t mean Bitcoin has found its bottom.
But with the cryptocurrency still down nearly 50% from its peak and both MARA and HIVE flashing bullish technical signals, investors are left with a question worth watching:
Are crypto miners getting ahead of themselves—or are they seeing a recovery that Bitcoin hasn’t yet priced in?
Image via Shutterstock
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