Miners' selling pressure may ease, JPMorgan says Bitcoin needs to stay above $85,000

Odaily Planet Daily News: JPMorgan believes that during this week's Bitcoin rebound, the price once rose above the average production cost of about $85,000; if it can maintain above this level, it will ease miners' cash flow pressure and reduce the risk of forced selling. As of the time of this report, Bitcoin has fallen back to around $84,600, having been below this cost line for about 280 consecutive days. Analyst team led by Nikolaos Panigirtzoglou pointed out that the production cost is closer to Bitcoin's 'soft bottom,' not an absolute price support. The bank said that the global Bitcoin mining hash rate has dropped about 19% from the peak in October last year, and mining difficulty has decreased about 15%. Some listed mining companies are reallocating resources to longer-term, more stable AI contracts. Bitcoin still rose after failing to advance the CLARITY Act in the US Senate, which also aligns with the view that the rebound was driven by short covering.