[JPMorgan: Strategy's Resilience More Important Than Miner Activity for Bitcoin's Recent Price Trends] According to a report by Jinse Finance, JPMorgan analysts believe that for Bitcoin's recent price trends, the resilience of Strategy (stock ticker MSTR) is more important than miner activity. Although the world's largest Bitcoin holder has not yet started selling, Bitcoin miners appear to be facing increasing selling pressure. In a report released on Wednesday, JPMorgan Managing Director Nikolaos Panigirtzoglou and his team pointed out that the recent sustained pressure on Bitcoin prices is mainly due to two factors: the recent decline in Bitcoin network hash rate and mining difficulty, and the latest developments surrounding Strategy. The analysts stated that the decline in hash rate and mining difficulty reflects the impact of two forces: China's reaffirmation of its ban on Bitcoin mining following a surge in private mining activities, and the combination of falling Bitcoin prices and high energy costs squeezing profits, which has forced high-cost miners outside of China to exit the market. The analysts noted that while a decline in hash rate typically boosts miner revenues, 'Bitcoin prices are currently still hovering below their production costs,' which has brought selling pressure to the Bitcoin market. JPMorgan analysts have now lowered their estimated production cost for Bitcoin to $90,000, down from $94,000 last month. According to the analysts, this update is based on an electricity price assumption of $0.05 per kilowatt-hour, and for high-cost producers, every $0.01/kWh increase in electricity prices would add $18,000 to production costs. The JPMorgan report stated: 'Amid high electricity prices and low Bitcoin prices squeezing profits, some high-cost miners have been forced to sell Bitcoin in recent weeks.'