Bitmine’s Fall Seems Complete as BMNR Stock Resumes Uptrend at Support, Where Next?
After declining for six weeks in a row, BitMine has stabilized close to important technical levels and recovered sharply as both Ethereum...
Quick overview
- BitMine has stabilized after six weeks of decline, showing a strong rebound alongside Ethereum and Bitcoin.
- The stock jumped approximately 20% as buyers returned, indicating renewed interest in crypto-linked equities.
- Technical indicators suggest a potential reversal, with support levels holding and momentum building for further gains.
- BitMine's strong balance sheet and aggressive Ethereum accumulation strategy position it favorably for future growth in the digital asset market.
After declining for six weeks in a row, BitMine has stabilized close to important technical levels and recovered sharply as both Ethereum and Bitcoin try to catch up.
BitMine Regains Footing After Prolonged Weakness
BitMine (NASDAQ: BMNR) appears to be finding stability after a steep, extended selloff that dragged the stock lower for most of the past six weeks. The downturn was largely aligned with Ethereum’s slide below the $3,000 level, which pressured sentiment across crypto-linked equities.
BMNR Chart Daily – The 200 SMA Held
On Friday, however, BMNR showed signs of stabilization, and by Monday the tone had shifted decisively. The stock jumped roughly 20% to begin the new week, indicating that buyers are stepping back in following a period of persistent selling.
BMNR Chart Weekly – The 50 SMA Acted s Support
This rebound has taken place alongside renewed strength in the broader crypto market. Ethereum has strengthened in recent sessions, pressing back toward the psychologically important $3,000 region, while Bitcoin recovered from the $81,000 area and moved higher. The synchronized move across major digital assets has helped restore risk appetite, with BitMine emerging as one of the most actively traded names in the U.S., averaging about $1.6 billion in daily volume.
Technical Picture Points To A Potential Reversal
On the daily chart, BMNR found support near $24.40, a level that coincides with the 200-day Simple Moving Average, often viewed as a long-term trend indicator. Friday’s session formed a doji candle, a classic signal of indecision that frequently appears near turning points. That signal was confirmed on Monday as strong buying momentum pushed the stock up toward the low $30s.
The weekly chart strengthens the case for a broader recovery. The 50-week SMA is now acting as a support zone, and momentum indicators such as the stochastic oscillator suggest the stock had entered oversold territory. Together, these signals imply that the corrective phase may have run its course. If momentum continues to build, attention will likely shift toward higher technical targets, including the $60 region and, in a more aggressive recovery scenario, last summer’s highs near $160.
Treasury Strength Anchors The Long-Term Case
BitMine’s balance sheet remains one of its most compelling strengths. As of November 23 at 7:30 pm ET, the company reported holdings of more than 3.6 million ETH, 192 BTC, a $38 million stake in Eightco Holdings, and approximately $800 million in unencumbered cash. This positions BitMine as the largest corporate holder of Ethereum in the world and the second-largest digital asset treasury globally, behind only Strategy Inc.
Chairman Tom Lee has underscored BitMine’s aggressive accumulation strategy, noting recent Ethereum purchases and outlining plans for its Made in America Validator Network, expected to launch in early 2026. These developments reinforce BitMine’s position as a major infrastructure and treasury player in the digital asset ecosystem.
Ethereum-Centric Strategy Shapes The Future
BitMine’s leadership continues to place a strong, long-term bet on Ethereum. The company has committed hundreds of millions of dollars to future ETH purchases, reflecting its belief that Ethereum will eventually serve as a strategic reserve asset for corporations. While short-term volatility remains a reality, the recent rebound suggests that sentiment may be shifting. If the broader crypto market stabilizes, BitMine’s scale, liquidity, and focused strategy could prove to be significant advantages in the next phase of the cycle.
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