Bearish Bitcoin mining data may be counter signal that encourages spot-driven BTC rally
Bitcoin’s miner margins and NVT metric indicated a bottom range, but a final downside sweep remains possible.
Bitcoin (BTC) rallied to $91,950 on Wednesday as data showed the market sitting at a key inflection point. Data from Capriole Investments placed Bitcoin’s production cost near $83,873, while the electrical cost, the baseline energy input for mining, sits lower at $67,099.
Key takeaways:
Bitcoin is currently trading just above miner production cost as profitability compresses.