JPMorgan says Bitcoin above $85,000 could ease miner selling

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Bitcoin’s move above JPMorgan’s estimated production cost of about $85,000 could reduce selling pressure from miners if sustained, the bank’s analysts said.

Bitcoin had traded below the estimated average production cost for 280 days before this week’s rally. The analysts said the level has historically acted as a “soft floor”, with miners facing losses when prices stay below it.

Bitcoin has since slipped to around $84,100. The analysts also said the rally despite the Senate’s failure to advance the CLARITY Act was consistent with investors closing bearish positions.