Bitcoin has fallen below the miners' "cost line"; is the market at the bottom?
Most miners have entered a state of "mining at a loss", but history shows this is not necessarily the final bottom of the market.
Currently, with the Bitcoin price around $65,500, it has fallen below the shutdown price of many mainstream mining machines. This means that many miners are consuming cash to maintain operations, incurring losses every minute.
Miner pressure is often seen as a signal that the market is approaching a temporary bottom. Theoretically, when unprofitable miners shut down, the selling pressure in the market will ease. Historically, after a large-scale surrender of miners at the end of 2018, the market gradually stabilized.
However, this is rarely an accurate bottom signal. The true bottoming of the market requires a complete transition from "weak holders" to "long-term believers" in the assets, accompanied by a reduction in trading volume. Currently, this process has not yet been clearly completed.
Although the current price has entered the "pain zone", given the ongoing macro pressures and capital outflows, the market may still need time to digest the selling pressure. For investors, it is more important to remain patient and observe rather than rush to judge a reversal.
Do you think a large-scale shutdown of miners would be a clear signal to buy at the bottom? $BTC
