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Bitcoin miner profits have plummeted to record lows amid a prolonged price slump, with the cryptocurrency struggling to maintain its $60,000 support level. Mining costs, particularly in energy-intensive regions, have outpaced Bitcoin’s current price, forcing some miners to scale back operations or sell holdings to cover expenses. Analysts warn that sustained weakness below $60,000 could trigger further liquidations, exacerbating downward pressure on the asset.
For traders, the $60,000 level is critical as a psychological and technical support. A breakdown could signal broader market pessimism and accelerate outflows from crypto markets. Miners’ financial distress also raises questions about network security and hash rate stability, which could indirectly affect Bitcoin’s price dynamics.
Investors should monitor Bitcoin’s price action around $60,000 and miner selling patterns. If the price holds, it may attract bargain hunters; a breach could deepen the bearish trend. Central bank policies and macroeconomic data will also play a role in shaping market sentiment in the coming weeks.
