BitMine (BMNR) Jumps 15% but Misses Key Recovery Signal

BitMine Immersion Technologies has seen intense volatility this month, with its share price plunging 42% since the start of January.

The company sparked renewed optimism on Monday after announcing a significant purchase of 69,822 ETH, a move that briefly lifted BMNR by 15%. However, despite the rally, a confirmed reversal signal has yet to emerge.

BitMine Continues To Accumulate ETH

The relative strength index is showing a sharp uptick following BitMine‘s major ETH acquisition. The purchase, equivalent to roughly 3% of Ethereum’s total circulating supply, sent a clear signal of confidence from the company. This triggered widespread optimism among investors and lifted the RSI out of oversold territory, a zone that typically precedes trend reversals.

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However, the RSI alone cannot confirm a sustained bullish shift. While the indicators rise suggests improving sentiment, BMNR still requires consistent buying pressure to support a full recovery.

BMNR RSI. Source: TradingView

Macro momentum indicators highlight another critical area to watch. The Fibonacci Retracement tool shows that BMNR is approaching the 23.6% Fib line, a historically important support level during bearish phases. This threshold, positioned at $31.46, represents a potential pivot point for the stock.

Reclaiming this level as support would strengthen BitMines recovery outlook and enable a more convincing bounce. However, the stock remains just below this threshold and still requires stronger bullish participation to break through.

BMNR is trading at $31.10, hovering above the crucial $30.88 support zone. Despite the recent ETH-driven rally, the stock remains down nearly 42% for the month. This positions Mondays surge as an important—but not yet decisive—step toward recovery.

If bullish momentum persists, BMNR could climb toward the $34.94 resistance level. A break above this barrier may pave the way for further gains toward $37.27 and beyond. This is especially true if investor confidence strengthens around BitMines aggressive accumulation strategy.

If uncertainty prevails and the company fails to capitalize on the excitement surrounding its ETH purchase, BMNR risks losing the $30.88 support. A breakdown could send the stock to $27.80 or even $24.64. This would invalidate the bullish thesis and signal continued weakness in the short term.