Citigroup’s 540% BitMine Bet Meets Breakdown Risk — Where Is the BMNR Price Headed?
BitMine (BMNR) stock shows a weak recovery attempt within a bearish flag pattern, facing breakdown risk despite significant institutional buying.Summary
The BitMine (BMNR) stock price is attempting a recovery, rising recently even as Ethereum falls, but this rebound is occurring within a bearish flag structure formed after a nearly 60% drop.
Technical indicators suggest the recovery is weak; a hidden bearish divergence on the Relative Strength Index (RSI) indicates sellers maintain control, especially if the price fails to break resistance near $21.57. Furthermore, while major institutions like Citigroup increased holdings by over 540%, overall capital flow, measured by the Chaikin Money Flow (CMF), remains below zero, signaling that broader selling pressure has not been fully reversed.
The price is at a critical juncture: breaking above $21.74 could lead to gains toward $34.03, but falling below the $20.02 support level could trigger a bear flag breakdown, potentially sending the price toward $8.36.
(Source：BeInCrypto)