JPMorgan says sustained BTC move above $85K could ease miner selling pressure

Bitcoin miners’ selling pressure could ease if BTC sustains its move above the estimated production cost of $85,000, JPMorgan analysts led by Nikolaos Panigirtzoglou said, according to The Block. The analysts said BTC had remained below its average production cost for 280 days before this week’s sharp rally. They added that Bitcoin’s production cost has historically acted as a weak price floor, and if BTC stays below that level for an extended period, miners with high electricity and equipment costs could see profitability deteriorate. In that case, those miners may sell more Bitcoin, halt mining operations, or exit the market, the analysts said. If current conditions persist, they added, that would provide relief to Bitcoin miners and reduce the risk of forced selling.