In the BTC market, it is not easy to sell below cost. It is difficult for large funds, institutions, national confiscated funds, miners, etc. to sell Bitcoin at a price lower than the current mining cost in the secondary market. The price seen in the market is determined by the spot price in the exchange, which accounts for about 12% of the total amount of Bitcoin, rather than the circulating chips in the entire market.

Therefore, if the price of Bitcoin is lower than the mining cost, there will usually only be selling pressure from retail investors due to panic, and these selling pressures are often quickly absorbed by large investors, institutions and a few miners.

This is the importance of understanding cost support. Technical analysis should not be used lightly to predict that the price of Bitcoin will fall below $30,000.

To reach the price level of $30,000, it is necessary that the cost must fall below this level first. Once the cost falls below $30,000, the computing power of the entire network will at least be severely affected. However, in fact, the computing power of the entire network has been rising exponentially since 2009.

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