Every commodity has its production costs, including bitcoin. Just like other commodities in the world, production costs are influenced by many factors, but in general the average production cost can be calculated. Currently, the average production cost required to obtain 1 bitcoin from the mining process is around 66,900 USD (based on metric data from the macromicro site) And like other commodities in the world, the sane selling price of a commodity is always higher than its production costs, because in normal situations no sane person will sell at a loss. That is why every time the price of bitcoin drops below its production costs, the reckless whales devour it. Because the brain of a whale is different from the brain of anchovies.

Sane people buy at a discount, sell at a premium.

Unsane people buy at a premium, sell at a discount.