Miner Sell Pressure May Ease as JPMorgan Says Bitcoin Needs to Hold Above $85K

Odaily reports that JPMorgan believes Bitcoin briefly rose above its average production cost of roughly $85,000 during this week's rebound; if it can stay above that level, it would ease cash flow pressure on miners and reduce the risk of forced selling. As of press time, Bitcoin has pulled back to around $84,600, having previously remained below that cost line for about 280 consecutive days.

The analyst team led by Nikolaos Panigirtzoglou noted that production cost is closer to a "soft floor" for Bitcoin rather than an absolute price support. The bank said Bitcoin's total network hashrate has dropped about 19% from its October peak last year, and mining difficulty has fallen about 15%. Some listed mining companies are reallocating resources to longer-term AI contracts with more stable revenue. Bitcoin's continued rise after the U.S. Senate failed to advance the CLARITY Act is also consistent with the view that short covering is driving the rebound.