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 Nov. 26 as data shows 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 far lower at $67,099.

Key takeaways:

Bitcoin is currently trading just above miner production cost as profitability compresses.

Read more