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BitMine Stock Gets a Bullish Upgrade, but a 4-Month Trap Still Holds

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BitMine Immersion Technologies (BMNR) stock jumped 12% on March 31 to close at $19.78, its strongest single-session gain in a while, as a sharp shift in options positioning coincided with B. Riley raising its price target to $33 from $30.

The move pushed BitMine stock close to the upper trendline of a descending channel that has contained the price since early December. However, the nature of the rally and the absence of institutional buying pressure raise the question of whether this attempt will succeed where prior ones failed.

A Short Squeeze Drove the 12% Move, Not Fresh Buying

The put-call ratio, which compares bearish put option volume to bullish call option volume, tells the story of what happened between Friday and Monday.

On March 27, the volume ratio spiked to 1.04, meaning put trading exceeded call trading for the first time in weeks. The open interest ratio sat at 0.47. That is aggressive bearish positioning heading into the weekend. By March 31, the volume ratio had collapsed to 0.52 while the open interest ratio remained flat at 0.47.

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BMNR Put-Call Ratio March 27
BMNR Put-Call Ratio March 27: Barchart

The unchanged open interest means no significant new positions were opened. The volume ratio collapse means existing bearish bets were being closed. That combination points to a classic short squeeze where traders covering put positions drove the BMNR stock price higher rather than new buyers entering with fresh conviction.

BMNR Put-Call Ratio March 31
BMNR Put-Call Ratio March 31: Barchart

If the put-call ratio now rises again alongside rising open interest, it would signal new bearish positions being opened against the rally, which could stall the move on sentiment. However, the squeeze coincided with a fundamental catalyst that could extend the bounce.

ETH Treasury Growth and B. Riley’s $33 Target Support the Bull Case

BitMine added 71,179 ETH last week, its largest weekly purchase of 2026. That five-week buying streak pushed total holdings to 4.73 million ETH, representing 3.92% of Ethereum’s circulating supply. The company’s total crypto and cash treasury now stands at $10.7 billion, with approximately $177 million in annualized staking revenue.

B. Riley raised its BitMine stock price target to $33 from $30 on March 26, maintaining a Buy rating. The firm cited the launch of MAVAN, BitMine’s institutional-grade Ethereum staking platform, and noted that approximately 67% of holdings are already staked with potential annualized rewards of roughly $285 million at full deployment.

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With Ethereum up 3.6% over the past 24 hours, the BitMine stock price has an external tailwind. ETH strength directly benefits BitMine’s treasury valuation and staking revenue outlook.

Yet the Chaikin Money Flow (CMF), a volume-weighted indicator that tracks institutional buying and selling pressure, remains below the zero line on the daily chart. Between February 23 and March 30, CMF trended lower alongside price.

BMNR CMF Analysis
BMNR CMF Analysis: TradingView

That pattern shows large money has not backed this rally with sustained buying. The bounce is running on short covering and Ethereum momentum rather than direct institutional accumulation into BMNR shares.

BitMine Stock Still Needs $21 to Confirm a Channel Breakout

Despite the short squeeze and fundamental tailwinds, the daily chart shows BitMine stock pressing against the same upper trendline of a descending channel that has rejected every breakout attempt since December. Early January and mid-March also saw a failed attempt out of this 4-month trap.

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A bullish divergence on the Relative Strength Index (RSI), a momentum indicator, does support the case for a broader reversal now. Between November 21 and March 30, price trended lower while RSI printed a higher low. That divergence suggests selling momentum is weakening even as price continued to fall. Combined with the Ethereum tailwind and MAVAN catalyst, it gives bulls a technical reason to stay engaged.

RSI Structure
RSI Structure: TradingView

However, a daily close above $21.22 (the $21 zone) is needed to confirm that the upper trendline has broken. That level aligns with the 0.5 Fibonacci level and would represent a 7% move from the current close. A push above $22.01 would strengthen the breakout case and open a path toward $24.56 and potentially $28.69. Beyond that sits B. Riley’s upgraded target.

BMNR Price Analysis
BMNR Price Analysis: TradingView

On the downside, failure to hold $19.46 would signal that the squeeze has exhausted itself. A close below $17.88 reopens the lower channel for BMNR stock and puts the $17.12 support at risk.

The $21 zone now separates a confirmed channel breakout fueled by ETH momentum and MAVAN staking revenue from another failed trendline rejection that sends BitMine stock price back toward $17.88.

The post BitMine Stock Gets a Bullish Upgrade, but a 4-Month Trap Still Holds appeared first on BeInCrypto.

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Crypto World

CFTC Chair Says Agency is Ready to Oversee Entire Crypto Market

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CFTC Chair Says Agency is Ready to Oversee Entire Crypto Market

Michael Selig, US President Donald Trump’s nominee leading the Commodity Futures Trading Commission (CFTC), said the agency was prepared to oversee the entire $3 trillion crypto industry, with no timeline for Congress to pass a crucial market structure bill.

In a Wednesday statement about his first 100 days as CFTC chair, Selig said that the commission was “ready to take responsibility” for the crypto market and reiterated his claim that it was the sole regulator to oversee prediction markets.

His comments come as the US Senate considers the CLARITY Act, a crypto market structure bill that has been effectively stalled in committee amid discussions over stablecoin yield and other issues.

“The same regulatory clarity being delivered to the crypto industry is being developed for prediction markets, which can serve as powerful tools for information discovery and are regulated by the CFTC under the Commodity Exchange Act,” said Selig.

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Under Selig, who was confirmed by the Senate in December, the CFTC has adopted many policies signaling that the agency would soften its enforcement and regulation of digital assets compared to previous administrations. In March, the agency announced a memorandum of understanding with the Securities and Exchange Commission (SEC) as part of efforts to coordinate on regulation, including digital assets.

Related: Crypto exchange KuCoin agrees to $500K settlement, ending CFTC case

Although early drafts of the market structure bill suggested the legislation could give the CFTC additional authority to oversee digital assets, the SEC is expected to continue regulating cryptocurrencies it considers to be securities.

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Lawmakers pressing CFTC on insider trading claims over prediction markets

US state authorities and federal lawmakers have been targeting prediction market platforms like Kalshi and Polymarket over alleged violations of gaming laws and claims of politicians using insider information to profit.

While many of the state-level actions continue to be litigated in court, Selig has claimed that the CFTC has “exclusive jurisdiction” over prediction markets and threatened legal action against any challenges to its authority.

In a Tuesday event, CFTC enforcement director David Miller said that the agency’s position was that event contracts on prediction markets were not “gaming” but rather “swaps” that fall under its purview.

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Some lawmakers have also proposed legislation to ban elected officials with insider information from profiting from event contracts after suspicious trades on military actions involving Iran and Venezuela.

Magazine: A newbie’s guide to surviving crypto winter