TLDRBitMine stock has declined for seven consecutive trading sessions to reach $42.76.The shares have fallen 73% from their highest level recorded earlier this year.BitMine recently acquired 82,353 Ethereum tokens to expand its digital asset holdings.The company now holds 3.4 million Ethereum tokens worth approximately $12 billion.BitMine has become the largest Ethereum treasury company in the industry.BitMine stock has declined for seven straight sessions while cryptocurrency markets face ongoing pressure. The shares dropped to $42.76 on Tuesday, marking the lowest point since September 8. This represents a 73% decline from the company’s yearly peak.BitMine Stock Falls Despite Treasury ExpansionBitMine Immersion recently announced the acquisition of 82,353 Ethereum tokens through its latest purchase. The company now holds 3.4 million Ethereum tokens in total. These holdings carry a current value of approximately $12 billion.The acquisition makes BitMine the largest Ethereum treasury company in the digital assets sector. However, BitMine stock continued to fall despite this expansion. The cryptocurrency market downturn has affected multiple digital asset treasury firms.Strategy, Metaplanet, and Trump Media have also experienced substantial losses in recent weeks. These companies have collectively shed billions in market value. BitMine stock has mirrored this broader industry decline.The company maintains a diversified portfolio beyond its Ethereum holdings. BitMine owns 192 Bitcoin tokens valued at over $20 million. The firm also holds a $62 million stake in Eightco Holdings.Cash reserves stand at $389 million on the company’s balance sheet. This provides financial flexibility during the market downturn. Nevertheless, BitMine stock has continued its downward trajectory.Bitcoin has fallen more than 15% from its year-to-date high. Ethereum has declined by 26% during the same period. These price movements have directly impacted BitMine stock performance.Technical Analysis Shows Bearish SignalsThe daily chart reveals that BitMine stock has formed a bearish pennant pattern. This pattern consists of a vertical line followed by a symmetrical triangle. The stock has already broken below the lower boundary of the pennant.BitMine stock traded at $160 in July before declining to current levels. The shares now trade below both the 50-day and 25-day Exponential Moving Averages. Technical indicators suggest further downside risk may be ahead.The Relative Strength Index continues to decline for BitMine stock. The Percentage Price Oscillator also shows weakening momentum. Analysts project that the stock could fall to $30, matching its low point from July.Tom Lee from BitMine addressed the market conditions in a recent statement. “Crypto suffered its largest ever liquidation event on October 10th, and open interest on ETH fell -45% in the past 8 weeks,” Lee said. He described the current reset as healthy for future price convergence.Lee added that fundamentals sometimes drive ahead of price action. “This reset is healthy and sets the stage for price and fundamentals to converge eventually,” he stated. The Ethereum price has formed a bullish flag pattern on the daily chart.The post BitMine Stock Breaks Key Level as Crypto Pressure Intensifies appeared first on Blockonomi.