BitMine Buys Another 50,000+ ETH and Inches Toward Its 5% Target
BitMine (BMNR) purchased over 50,900 ETH, bringing its total holdings to 3.71% of the supply, while technical indicators suggest potential bullish momentum.Summary
BitMine Immersion Technologies (BMNR) recently acquired over 50,900 ETH on March 2nd, increasing its total holdings to 3.71% of the entire Ethereum supply, moving closer to its 5% target. This strategic move comes despite sideways price movement for BMNR and amid Chairman Tom Lee's prediction that March will be a pivotal month for Ethereum and the crypto market.
Technical analysis shows potential bullish momentum for BMNR. The Chaikin Money Flow (CMF) is trending upward, indicating declining outflows and strengthening investor support. Furthermore, the Money Flow Index (MFI) displays a bullish divergence since the start of the year, suggesting waning selling pressure despite geopolitical volatility.
Currently trading at $20.40, BMNR must maintain the $19.06 support level to target a breakout above $22.34. The correlation between BMNR and Ethereum has decreased to 0.36, suggesting BMNR may move independently. However, losing the $19.06 support could lead to a drop toward $15.45.
(Source：BeInCrypto)