[JPMorgan: If Bitcoin Stabilizes Above $85,000, It Will Effectively Ease Miner Selling Pressure; Current Rally Driven by Short Covering] BlockBeats News, September 25 — JPMorgan believes that during Bitcoin's rebound this week, it briefly surpassed the bank's estimated average production cost of approximately $85,000. If this change can be sustained, it will provide relief for miners under prolonged pressure and reduce the risk of passive Bitcoin selling. Bitcoin had previously been below this cost line for about 280 consecutive days; as of press time, BTC has fallen back to around $84,600, indicating that the market has not yet confirmed a true breakout. The analyst team led by Nikolaos Panigirtzoglou pointed out that production costs have historically been closer to Bitcoin's "soft floor" rather than an absolute price support level. When the price of Bitcoin remains below production costs for an extended period, miners facing higher electricity prices and equipment depreciation pressures are likely to incur losses, often leading them to sell inventory, shut down mining rigs, or exit the market, thereby increasing supply in the spot market. If BTC can stabilize above $85,000, miners' cash flow pressures will ease, and the urgency to sell newly mined Bitcoin will decrease. A unique aspect of this cycle is that mining companies are accelerating their transition to AI computing power businesses. JPMorgan noted that Bitcoin's total network hash rate has declined by approximately 19% compared to its peak last October, while mining difficulty has dropped by about 15%. Some publicly listed mining companies are reallocating electricity, data center, and equipment resources to longer-term, more stable revenue-generating AI contracts, slowing the expansion of new mining capacity for Bitcoin. The bank believes this will reduce the risk of network congestion and moderate the pace of production cost increases outside of halving events. For the market, the significance of the $85,000 level will be more evident on the supply side. If it becomes effective support, miner selling pressure will ease; however, if prices fall below the cost line for an extended period again, deleveraging and market exits by high-cost miners may reoccur. JPMorgan also noted that Bitcoin's rise following the U.S. Senate's failure to advance the CLARITY Act aligns with its previous assessment that the rebound was driven by short covering.