For the argument that “mining companies are in serious financial distress, so this price level must be defended” to be valid, Bitcoin price would need to fall much lower than where it is today. Let me say this again : the center of the mining industry has now moved to the United States. Also, unlike in the past, mining companies are using various strategies, and their financial conditions are generally more stable than many people think. From a value perspective, I believe Bitcoin and mining are inseparable. This is why the mining industry remains one of the most important parts of Bitcoin ecosystem. Furthermore, unlike in the past, many institutions and stakeholders are now connected to mining companies. Because of this, the mining production cost per Bitcoin has become an important metric. Mining companies themselves probably have a price range where they believe “this level must be defended.” However, market often oversimplifies this idea. When Bitcoin was trading around $80K–$90K, some people claimed that $100K was the production cost. Now, people are saying that $70K–$75K is the production cost. But the real situation is not that simple. Except for a few mining companies, the current situation is not severe. Btc price level that would create serious financial stress for most miners is much lower than the current price.(mignolet)