JPMorgan: Sustained BTC above 85000 could ease miner selling pressure

Bitcoin miners' selling pressure may decrease if BTC maintains a price above the estimated production cost of 85000. Analysts from JPMorgan, led by Nikolaos Panigirtzoglou, noted that BTC had been below its average production cost for 280 days prior to this week's rally. They indicated that Bitcoin's production cost has historically served as a weak price floor. If BTC remains below this level for an extended period, miners facing high electricity and equipment costs could experience reduced profitability, leading to increased selling, halting of mining operations, or market exit. The analysts suggested that if current conditions persist, it would alleviate pressure on Bitcoin miners and lower the risk of forced selling.