Bitcoin Pulls Back to $84,000 After Topping JPMorgan's $85,000 Production Cost

Bitcoin retreated to trade near $84,069 after briefly breaking above JPMorgan's estimated $85,000 production cost threshold and peaking at an eight-month high of $87,395. The extended climb was initially sparked by a massive short squeeze that triggered up to $844.03 million in short liquidations alongside $2.65 billion in spot ETF inflows over five sessions. JPMorgan analysts noted that Bitcoin had spent 280 consecutive days trading below its average production cost, triggering miner capitulation and infrastructure shifts toward artificial intelligence. However, after the brief breakout above $85,000, Bitcoin slipped back slightly below the mining baseline.