The average cash cost to produce one Bitcoin among publicly listed miners rose to approximately $74,600 in Q2 2025! Pretty close to current price, isn't it?
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Breaking above the top-buyers’ supply clusters is a key prerequisite for regaining momentum toward a new ATH. The major immediate clusters sit at $93k–$96K & $100k–$108K, where typically some degree of resistance from recent buyers is expected.
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Since August, each sell wave has grown larger, peaking on Nov 22 — a clear sign that long-term holder distribution is accelerating. Until these sell waves cool off and shrink back toward zero, any Bitcoin price recovery is likely to remain slow and grinding, rather than impulsive and strong.
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