BitMine Stock Gets a Bullish Upgrade, but a 4-Month Trap Still Holds

BitMine Immersion Technologies (BMNR) stock experienced a 12% jump on March 31, driven by a short squeeze coinciding with B. Riley raising its price target to $33. However, the rally's sustainability is questioned due to the lack of significant institutional buying pressure and the stock's confinement within a descending channel since December. The surge was primarily fueled by traders covering bearish put options, rather than new investment. Positive catalysts include BitMine's increased Ethereum holdings – now at 3.92% of the circulating supply – and the launch of its institutional staking platform, MAVAN. Despite these factors and a bullish divergence in the RSI, a daily close above $21.22 is crucial to confirm a breakout from the four-month channel. Failure to sustain above $19.46 could lead to a retest of lower support levels.

(Source：BeInCrypto)