Bitcoin’s move above JPMorgan’s estimated $85,000 average production cost after 280 days below the level could ease forced selling pressure from miners if it is sustained. The bank regards production cost as a soft floor because prolonged trading below it can leave higher-cost operators facing losses, prompting reserve sales, machine shutdowns or market exits. JPMorgan also said Bitcoin network hashrate has fallen about 19% from its peak last October as miners shift operations toward AI businesses. The decline is expected to slow the pace at which Bitcoin production costs rise, potentially improving the operating outlook for remaining miners. JPMorgan cited 2018 as the last comparable extended period below production cost, when higher-cost miners exited and network hashrate and mining difficulty declined.