JPMorgan believes that if BTC can hold above $85,000, it will effectively ease the selling pressure from miners. This level is now worth focusing on. Near $85,000 is not only an important price threshold, but also a key reference line for miners’ production costs. If BTC remains below the cost line for an extended period, miners will generate strong coin-selling demand to maintain operations. However, once the price stabilizes above the cost line, this selling pressure may gradually weaken. But there is another issue with this rebound: there is clear short-covering-driven momentum behind the rise. In simple terms, part of the earlier rally came from short positions being closed out, which does not necessarily mean that the bulls have completely taken control of the market. Therefore, the most important thing in the short term is not to chase the breakout, but to observe how BTC performs after it retraces to $85,000. If $85,000 is held, the market structure can continue to repair, and only then will there be a chance for further upward expansion. If BTC falls back below $85,000 again, it’s necessary to guard against pressure caused by bull profit-taking and short positions re-entering the market. For now, $85,000 is an important level where the market needs to re-confirm the direction between bulls and bears.