CleanSpark Inc. (NASDAQ:CLSK) shares are seeing notable upward activity in Monday’s premarket session.

The move comes as the broader cryptocurrency market recovers from a volatile weekend. As of Monday morning, the total crypto market cap rose 1.39% to $2.33 trillion.

CleanSpark, a data center developer focused exclusively on bitcoin mining, typically trades in high correlation with the digital asset.

Short Interest Data Signals Tight Float

According to Benzinga, short interest in CleanSpark recently decreased from 84.93 million to 84.61 million shares. Despite this slight dip, a massive 46.36% of the company’s publicly available shares remain held short.

Based on an average daily volume of 17.63 million shares, it would take bears approximately 4.8 days to cover their positions.

Macro Backdrop and Market Sentiment

The gains in CLSK occur as U.S. stock futures rise following a sharp sell-off last Friday.

Investors are monitoring geopolitical shifts after President Donald Trump suggested the U.S. could “take the oil in Iran,” while also describing Iran’s new leaders as “very reasonable.”

Technical Analysis

CLSK is trading 8.1% below its 20-day simple moving average (SMA) and 22.9% below its 100-day SMA, keeping the intermediate trend pointed down even with Monday’s premarket strength.

Shares are up 28.87% over the past 12 months, but the stock is still positioned closer to its 52-week low ($6.45) than its 52-week high ($23.61).

RSI is at 38.38, which sits in neutral territory. Meanwhile, MACD is at -0.2835 and remains below its signal line at -0.2462.

• Key Resistance: $10.50
• Key Support: $8.50

CLSK Stock Price Activity: Cleanspark shares were up 3.58% at $8.97 during premarket trading on Monday, according to Benzinga Pro data.

Photo by PJ McDonnell via Shutterstock