Bitcoin Below JPMorgan's Production Cost for Record 280 Days

Bitcoin's prolonged period below JPMorgan's estimated production cost of $85,000 has raised concerns about its sustainability. According to KuCoin, Bitcoin spent approximately 280 consecutive days below this threshold, a significant duration longer than the previous stretch observed in 2018.

JPMorgan labels the $85,000 mark as a 'soft floor', suggesting that if Bitcoin can maintain this level, it may reduce forced selling from miners. This comes at a time when Bitcoin's hashrate has decreased by approximately 19% since October, further complicating the mining landscape.

The recent rally in prices was partly attributed to short-covering, leaving traders cautious regarding its sustainability. A sustained recovery above $85,000 could alleviate pressure on higher-cost miners who have already reduced capacity.