$BTC
Bitcoin price rises by 25% since April: positive signals coming from mining companies
The price of Bitcoin has risen by 25% since its lowest level on April 9, surpassing the $96,500 mark in early May, amid decreasing market volatility and a decline in the supply of Bitcoin on trading platforms, alongside an increase in liquidity accumulation.
Analyst Robert Breedlove believes that what is happening goes beyond superficial price movements, pointing to bullish signals embedded in mining economics and long-term investor behavior.
According to his analysis, the average production cost of Bitcoin for mining companies – which is considered a historical indicator of market bottoms – now shows levels that suggest the beginning of a new upward wave.
Assets rarely trade in a rational market below their production cost, which often leads to miners withdrawing, further decreasing supply, and subsequently driving up prices.
Breedlove also cited data from the Blocker platform, indicating that the current breakeven level for miners has reached a new low, supporting expectations of further increases.
Additionally, the movements of long-term investors confirm positive indicators, as they have purchased approximately 150,000 additional Bitcoins over the past 30 days, enhancing the likelihood of a supply shock.
