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BitMine Immersion Technologies (BMNR) is sending mixed signals to traders. On the one hand, the company continues to expand its Ethereum staking operations, strengthening its long-term treasury strategy. On the other hand, the price structure of BMNR shares is weakening, and a bearish pattern is forming on the daily chart.
The BMNR index has fallen by around 21% over the past six months, showing continued pressure despite a short-term rebound of around 4% over the past five days. This contrast sets the stage for the underlying conflict. Optimism driven by the chart is on the rise, but the chart reveals risks. Whether the bullish narrative is able to overcome the technical damage is now down to a key price zone.
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The bearish balance pattern keeps BMNR under pressure
constitutes BMNR A clear pattern on the daily paper. This pattern usually appears after a long drawdown and indicates that buyers are losing control. The left shoulder and the head are already in place, while the right shoulder has formed near the last atomic levels.
What makes this setup even more worrying is where the price is relative to the trend indicators. BMNR is trading below all of its major exponential moving averages. The 20-day moving average was the last short-term support holding the structure together, and now it has been lost. When the price fluctuates below these averages, the rebounds tend to disappear rather than turn into trends.
The neckline of this model is slanted slightly downward, increasing the risk of a downside, as the sellers remain in control. If the neckline breaks, the structure opens the door to a deeper decline of 33%, which could extend the broader trend for six months. This is the technical backdrop that traders will face, even as betting headlines continue to pile up.
This tension sheds light on the flow of capital and whether the new demand actually enters stocks to save the collapse.
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Storage on Ethereum supports the flow of capital, but correlation adds risk
expansion Bitmain Continuing Ethereum Bets It is the strongest bullish factor supporting the stock at the moment. Betting lock tokens, generates a recurring return, and indicates a long-term commitment rather than short-term speculation. This explains why the selling pressure is not accelerating despite the structure of the bearish chart, as some buyers could respond to the specific narrative of the positive stick.
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Capital flow indicators reflect this optimism. Chaikin Money Flow, which tracks whether large funds are flowing into or out of an asset, is pressing on a downward trend line. This suggests that the pressure of accumulation is developing under the surface, even when the price of the shares of BMNR remains weak.
However, this signal is not new. Similar CMF setups at the beginning of the month were unsuccessful and were followed by strong pullbacks. For this signal to be meaningful now, the CMF must first break above the trend line and then retake the zero line. Without these assurances, flows remain hesitant and indecisive.
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Correlation adds another layer of risk. BMNR has an average positive correlation of about 0.51 with Ethereum. This means that ETH’s weakness often spills over into the stock. With Ethereum down 2.5%, as of press time, continued pressure on ETH may limit capital inflows and derail any attempt at a CMF rally.
This makes the behavior of prices at key levels the final decision maker.
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$30 is between stability and BMNR stock price analysis
Everything now moves towards a level. The $30 area is one of the main support lines. The share price of BMNR briefly lost this level at the beginning of January, but it recovered immediately, indicating demand at the point. Stay above $30 I would give BitMine a chance To restore the 20-day EMA as well.
A sustained break below $30 will expose $25. A break of the indicator confirms a break of the head and shoulders and exposes BMNR to a deeper decline, with targets extending to the $19 area.
Having $30 does not automatically mean recovery. It only prevents structural damage. For the bearish setup to weaken, BMNR needs to regain $34 and stabilize above the right shoulder area. This would also require a recovery above the major moving averages, something the stock has struggled to achieve in recent weeks.
BitMine spent months In building a strong Ethereum investment positionThis strategy continues to attract capital over the long term. But in the short term, the scheme is still ahead.
Until the $30 level is decisively defended, the risk of a bigger collapse remains, no matter how strong the betting narrative.
