BitMine Immersion Technologies, Inc. (AMEX:BMNR) shares are trading higher during Monday’s premarket session.

Nasdaq futures have gained 0.79%. S&P 500 futures are also up 0.65%.

Crypto Momentum and Market Catalyst

The primary catalyst appears to be a recovery in digital assets. Ethereum (CRYPTO: ETH) has climbed 6.93% over the last 24 hours to $2,266.92. Bitcoin (CRYPTO: BTC) is also trading higher, up 2.40% at $73,537.95.

Technology is currently leading early strength, with the Technology Select Sector SPDR Fund (NYSE:XLK) up 1.02%.

Technical Levels to Watch

BMNR is holding above its 20-day trend measures. It is trading 9.9% above its 20-day Simple Moving Average (SMA). However, it remains 27.3% below its 100-day SMA.

The Relative Strength Index (RSI) sits at 47.39, which is neutral territory. The MACD stands at -0.8706 versus a signal line of -1.2863.

  • Key Resistance: $24.50
  • Key Support: $18.50

Global Conflict and Energy Volatility

The market movement coincides with the seventeenth day of the U.S.–Israel–Iran conflict. A drone attack at the UAE’s Fujairah oil hub sparked a large fire on Monday. This led authorities to suspend oil loading operations.

Oil executives from Exxon Mobil Corp. (NYSE:XOM), Chevron Corp. (NYSE:CVX), and ConocoPhillips (NYSE:COP) have warned U.S. officials that the war could worsen the energy crisis. Disruptions in the Strait of Hormuz are likely to keep global markets volatile.

BMNR Price Action: BitMine Immersion shares were up 8.03% at $22.19 during premarket trading on Monday, according to Benzinga Pro data.

Photo by PJ McDonnell via Shutterstock