JPMorgan diagnosed that miner selling pressure could ease if Bitcoin's price continues to exceed its estimated production cost of $85,000. According to The Block, JPMorgan analysts including Nikolaos Panigirtzoglou said, "Until the sharp rise this week, Bitcoin's price had remained below its average production cost for 280 days." They added, "Bitcoin's production cost has historically acted as a weak floor for its price. If Bitcoin's price falls below that level for an extended period, the profitability of miners with high electricity and equipment costs could decrease. In such cases, they might sell more Bitcoin, cease operating mining rigs, or exit the market." They further explained, "If the current situation persists, it will provide relief to Bitcoin miners, thereby reducing the risk of forced selling."
