BitMine (BMNR) risks breakdown as head-and-shoulders forms with $30 pivotal

Beincrypto reports BitMine Immersion Technologies (BMNR) is showing a weakening price structure as a bearish head-and-shoulders pattern forms on the daily chart, with the stock trading below all major exponential moving averages.

BMNR is down roughly 21% over the past six months despite a short-term bounce of about 4% over the past five days. The 20-day EMA, which had been the last short-term support, has been lost and the pattern’s slightly downward-sloping neckline raises downside risk; a break could open the door to a deeper 33% decline. At the same time, the company’s ongoing Ethereum staking expansion is drawing long-term capital and Chaikin Money Flow is pressing against a descending trendline, though similar CMF attempts earlier this month failed to follow through.

Price action around $30 is decisive: the stock briefly lost and immediately reclaimed $30 in early January, and staying above that level would give BitMine a chance to regain the 20-day EMA. A sustained break below $30 would expose $25 and, if confirmed, targets near $19. To reverse the bearish setup the stock would need to reclaim about $34 and move back above key moving averages; until $30 is decisively defended, the risk of a larger breakdown remains active. Correlation with Ethereum—about 0.51—and a 2.5% day-on-day decline in ETH add further risk to any recovery attempt.

Key Topics

Crypto, Bitmine Immersion Technologies, Bmnr, Ethereum Staking, Chaikin Money Flow