BitMine Immersion Technologies (BMNR) stock jumped 12% on March 31 to close at $19.78, its strongest single-share profit in a long time, as a large change in options that agreed with B. Riley raised its price to $33 from $30.
The move pushed BitMine stock closer to the top of the bearish trend that has held the price since early December. However, the nature of the meeting and the absence of pressure to buy raises the question of whether this experiment will succeed where others have failed.
A Brief Squeeze Driven 12% Movement, Not a New Purchase
The put-call ratio, which compares the volume of bearish puts to the volume of bullish calls, describes what happened between Friday and Monday.
On March 27, the volume ratio rose to 1.04, meaning the put outpaced the call trade for the first time in weeks. The open interest rate was at 0.47. Here’s to being aggressive coming into the weekend. As of March 31, the volume ratio dropped to 0.52 while the open ratio remained flat at 0.47.
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An open interest that has not been changed means that no new positions have been opened. A decrease in the volume ratio means that the existing bets were closed. The combination shows the short squeeze that the traders who cover the positions have run The price of BMNR shares higher than new buyers who come in with new motivations.
If the put-call ratio now rises again along with the rise in interest rates, it may indicate a new position that has been opened against the rally, which may prevent it from moving. However, the squeeze is associated with an important catalyst that can increase the jump.
ETH Treasury Growth and B. Riley’s $33 Target Support Bull Case
BitMine added 71,179 ETH last week, its largest weekly purchase of 2026. The five-week purchase pushed the total amount to 4.73 million ETH, which represents 3.92% of Ethereum in circulation. The company’s total crypto and financial assets now stand at $10.7 billion, with about $177 million in annual staking money.
B. Riley raised his BitMine price target to $33 down from $30 on March 26thmaintaining a Buy rating. The firm mentioned the launch of MAVAN, BitMine’s institutional class Ethereum staking platform, and said that about 67% of the holdings are already in the price with the potential annualized award of about $285 million for all activities.
With Ethereum up 3.6% over the past 24 hours, the price of BitMine is experiencing an external shock. The power of ETH directly benefits BitMine’s economic valuation and financial performance.
However, Chaikin Money Flow (CMF), the most powerful indicator that monitors institutional pressure to buy and sell, remains below the zero line on the daily chart. Between February 23 and March 30, the CMF fell in value.
This trend shows that a lot of money did not support this meeting and continued buying. The jump is slow and the momentum of Ethereum instead of accumulating in BMNR shares.
BitMine Stock Still Needs $21 to Confirm Channel Breakout
Despite the short-term squeeze and initial rally, the daily chart shows BitMine stock running towards the same level of the downtrend that has resisted any attempts since December. Early January and mid-March saw another failed attempt at a four-month trap.
A strong divergence on the Relative Strength Index (RSI), a strength indicator, is helping to signal a major reversal now. Between November 21 and March 30, prices fell as the RSI hit record lows. This difference indicates that the sales force is decreasing even as the price continues to decrease. In addition to Ethereum tailwind is a MAVAN catalystit gives cows a technical reason to date.
However, a daily close above $21.22 (the $21 area) is needed to confirm that the higher trend is broken. That level corresponds to the 0.5 Fibonacci level and would represent a 7% move from the current close. A push above $22.01 would encourage a breakout and open a path to $24.56 and possibly $28.69. Beyond that is the raised target of B. Riley.
On the left side, a failure to hold $19.46 would indicate that the squeeze is over. A close below $17.88 opens a bearish trend The price of BMNR shares and put $17.12 support at risk.
The $21 zone now separates the definitive path followed by the rise of ETH and the MAVAN coin that comes from another failed resistance that sends the BitMine stock price back to $17.88.
A note BitMine Stock Gets Big Upswing, but 4-Month Trap Still Holds appeared for the first time BeInCrypto.
