BMNR shares fell 4% to $22.00 on May 7, dragged down alongside the broader crypto-treasury sector after chairman Tom Lee indicated BitMine could ease off its Ethereum buying pace.
The stock is trading inside an ascending channel that looks constructive at first glance, but several flow and positioning indicators hint that a deeper pullback may be on the horizon.
BMNR Stock Price Holds an Ascending Channel After a 59% Drop
BitMine Immersion Technologies (BMNR) closed at $22.00 on May 7, slipping 3.97%. Speaking at Consensus Miami, Chairman Tom Lee said the firm is likely to scale back its weekly Ethereum (ETH) acquisitions as it approaches its goal of owning 5% of the total supply. BitMine currently holds 5.18 million ETH, representing about 4.29% of the circulating supply.
The slowdown signal landed on a stock that was already under significant pressure. BMNR has shed 46% over the past six months and now trades 86% below its 52-week peak of $161, reached in mid-2025.
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The daily chart reveals an ascending channel that has been forming since early February. This pattern took shape after a 59.14% decline from the December 10 high of $42.03. Channels that emerge following steep drops frequently behave as continuation patterns rather than reversal setups. They tend to resolve in the direction of the preceding trend, which in this instance is downward.
Tom Lee also highlighted BitMine’s $4 billion share buyback program as an alternative deployment for capital. Funds could shift away from ETH accumulation and toward repurchases, which would weaken the ETH treasury narrative that has underpinned BMNR’s valuation premium.
That broader backdrop frames the technical signals that follow.
EMAs Are the Last Line of Defense
Within the ascending channel, BMNR is caught between two exponential moving averages (EMAs). EMAs are trend-following tools that place greater emphasis on recent price data, with shorter EMAs capturing near-term momentum shifts.
The 20-day EMA is at $21.92 and the 50-day sits at $22.17. With BMNR at $22.00, the stock is pinned squarely between them, a narrow range where the next move is essentially a coin flip.
Past price action suggests the 20-day is the key level to watch. Every prior breach of the 20-day EMA in 2026 has triggered a sharp sell-off. On April 27, BMNR plunged 6.48% in a single session after falling below the 20-day. On March 25, the same breakdown produced a 15.62% slide.
If the 20-day EMA at $21.92 gives way again, a similar cascade is likely. The 100-day EMA at $24.80 and the 200-day EMA at $27.06 both sit well above the current price, capping any rally attempt and reinforcing the longer-term bearish bias.
CMF Divergence and Put-Call Ratio Flag Smart Money Caution
While retail traders may interpret the ascending channel as a bullish sign, the money flow data paints a different picture. The Chaikin Money Flow (CMF) is showing signs of deterioration even as prices edge higher. CMF tracks money flow volume to measure buying or selling pressure over a defined period.
CMF currently reads 0.03, still technically above zero. However, the indicator has broken below its own ascending trendline that had connected the lows since late March.
Additionally, between April 29 and May 6, BMNR’s price moved higher while CMF moved lower. This bearish divergence indicates that institutional buying momentum is waning even though the stock price is holding up.
Options positioning adds another dimension. The put-call ratio, a sentiment indicator that compares put contracts to call contracts, has shifted in a mixed way. The volume put-call ratio fell from 0.38 on April 29 to 0.29 on May 7, suggesting more call buying is taking place.
Open interest tells a more nuanced story. The OI put-call ratio edged lower from 0.44 to 0.42 over the same period. Retail traders are opening fresh long positions while existing ones are being unwound. That combination often sets the stage for a long squeeze if the stock breaks down, adding yet another layer of risk.
BMNR Stock Price Levels Set Up a 9% Move Either Way
With the chart structure, EMAs, CMF, and options positioning all leaning in the same direction, the key price levels reveal what each scenario would unlock.
The bullish scenario requires BMNR to first reclaim $22.47, a level just above the 50-day EMA. A decisive move above it would signal the stock is firmly back above its moving averages. The next hurdle is $24.09, the 0 Fibonacci anchor at the channel’s upper boundary.
A breakout above the $24 zone would represent 9.57% upside from the current price and would challenge the bearish continuation thesis.
The bearish scenario has more layers. Below the EMA support at $21.92, BMNR faces immediate support at $21.47 and $20.65. The most critical downside threshold is $19.84, the 0.618 Fibonacci level. A daily close below $19.84 would mark a 9.75% decline from the current price and confirm the bearish structure.
Below $19.84, the door opens to $18.69 and $17.22. The extended downside target at $12.96 (1.618 Fibonacci) becomes a deep continuation level if the entire ascending channel collapses.
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