CleanSpark Inc ( CLSK ) shares are trading higher on Tuesday. The move follows a significant rally in the broader cryptocurrency market.

Bitcoin Breaks Key Resistance

Bitcoin (CRYPTO: BTC) surged 4.49% over the last 24 hours. The leading digital asset reached a price of $75,346.39 on Tuesday.

This strength provided a massive tailwind for mining operators. The total crypto market cap rose 3.54% to $2.53 trillion.

Sector Momentum and Macro Gains

The broader equity markets are also showing strength. The Nasdaq gained 1.25% today; meanwhile, the S&P 500 rose 0.96%. Investors are piling back into risk assets as Ethereum (CRYPTO: ETH) climbed 6.09% to $2,356.45.

High Short Interest Volatility

Short interest in Bitcoin mining data center developer increased from 84.61million to 86.14 million shares.

This represents 47.2% of the company's public float, with an average daily volume of 19.61 million shares.

Technical Analysis

Cleanspark ( CLSK ) is sitting in the lower half of its 52-week range of $7.03 to $23.61. The stock is trading 20.7% above its 20-day simple moving average (SMA) and 3.2% above its 100-day SMA.

The moving average backdrop is still mixed: the 20-day SMA remains below the 50-day SMA, and the death cross that formed in February (50-day SMA below the 200-day SMA) is a reminder the longer trend has been under pressure. At the same time, the stock is only 6.2% below its 200-day SMA.

Key Resistance: $12

Key Support: $11

CLSK Stock Price Activity: Cleanspark ( CLSK ) shares were up 6.46% at $11.46 at the time of publication on Tuesday, according to Benzinga Pro data.