NEW YORK – Shares of Bitmine Immersion Technologies, Inc. (BMNR) are experiencing a massive surge in morning trading, captivating the market with an extraordinary rally. As of 10:36 AM EDT, the stock was trading at 37.40, or 63.93%, for the session.
The trading day began with a deceptively quiet open at $57.28, below the previous day’s close of $58.50. After hitting a low of 97.00**, obliterating its previous range.
The move is backed by immense trading volume. Just over an hour into the market open, more than 13 million shares have already changed hands, significantly outpacing the stock’s average volume of approximately 9.7 million shares. This high volume indicates strong conviction and widespread interest behind the dramatic price action.
What to Watch in the Coming Sessions
With such a parabolic move, volatility is the key theme for Bitmine Immersion. The stock is currently trading near its intraday high, making the $97.00 level a critical point of resistance.
Traders will be watching closely to see if the stock can consolidate at these new, elevated levels or if a wave of profit-taking will trigger a sharp pullback. The ability to hold above the $90 mark through the close of the session would be a strong bullish signal heading into the next trading day.
Conversely, a failure to hold these gains could see the stock re-test lower levels. Given the enormous intraday range, investors should be prepared for continued volatility. The performance for the remainder of the day will be crucial in setting the tone for how the stock will perform at the start of the next session.
