#bitcoin $NVDAB 🤑🤑🤑An industrial threshold, a huge deadline and rates that remain elevated. Bitcoin is trading around $84,000 this Friday morning, after briefly breaking above $87,000 at the start of the week. This level corresponds to the estimated average production cost cited by JPMorgan, but the price still needs to absorb the expiry of $15.6 billion worth of options and several U.S. economic data releases.
Three signals therefore dominate the session: the profitability of miners, the unwind on Deribit positions, and the reaction of the bond market to economic data. Here’s the update just before the weekend.
The key points of this article:
Bitcoin is trading around $84,000 after briefly crossing $85,000, a level that corresponds to the average production cost estimated by JPMorgan.
About 182,000 Bitcoin options, worth $15.6 billion, will expire on Deribit, which could affect spot-market dynamics.
Bitcoin tests $85,000, the miners’ break-even level
The first signal comes from the mining industry. According to JPMorgan, Bitcoin has spent 280 days below its average production cost, estimated at around $85,000. This duration exceeds the 224 days seen in 2018 during the previous comparable episode.
However, this figure remains an estimate. Real costs vary depending on electricity prices, the efficiency of the machines, their financing, and the network difficulty. Still, it provides a benchmark: when a bitcoin earns less than its production cost, the least competitive operators must sell more BTC, shut down their equipment, or leave the market.
A sustained return above $85,000 would therefore improve margins and reduce the risk of forced selling. Conversely, a failure of the price to hold above this level keeps pressure on the most expensive miners.
The sector has already begun adjusting. According to JPMorgan, the network hash rate.
Three signals therefore dominate the session: the profitability of miners, the unwind on Deribit positions, and the reaction of the bond market to economic data. Here’s the update just before the weekend.
The key points of this article:
Bitcoin is trading around $84,000 after briefly crossing $85,000, a level that corresponds to the average production cost estimated by JPMorgan.
About 182,000 Bitcoin options, worth $15.6 billion, will expire on Deribit, which could affect spot-market dynamics.
Bitcoin tests $85,000, the miners’ break-even level
The first signal comes from the mining industry. According to JPMorgan, Bitcoin has spent 280 days below its average production cost, estimated at around $85,000. This duration exceeds the 224 days seen in 2018 during the previous comparable episode.
However, this figure remains an estimate. Real costs vary depending on electricity prices, the efficiency of the machines, their financing, and the network difficulty. Still, it provides a benchmark: when a bitcoin earns less than its production cost, the least competitive operators must sell more BTC, shut down their equipment, or leave the market.
A sustained return above $85,000 would therefore improve margins and reduce the risk of forced selling. Conversely, a failure of the price to hold above this level keeps pressure on the most expensive miners.
The sector has already begun adjusting. According to JPMorgan, the network hash rate.
