Bitcoin News Today: Bitcoin Miners' Squeeze Precedes Bullish Price Turnaround

Bitcoin's recent rally to $91,950 on Nov. 26 has positioned the market at a pivotal inflection point, with mining data suggesting a potential catalyst for further upward momentum. According to Capriole Investments, Bitcoin's production cost stands at $83,873, while the underlying electrical cost is $67,099, indicating that miners are operating near breakeven levels. This dynamic, coupled with a collapsing hash price and elevated hashrate, has pushed the industry to a critical juncture. The network's hashrate hit a record of 1.16 ZH/s in October, even as BTC prices retreated toward $81,000, highlighting the growing strain on miner profitability.

Bitcoin miner margins have tightened to 4.9%, one of the lowest readings in the current cycle, as rising competition and higher financing costs erode returns. Hash prices, which represent revenue per unit of computing power, fell below $35 per hash on Nov. 25, well under the $45/PH/s median earned by public miners. This has extended payback periods for mining rigs beyond 1,200 days, compounding pressure on operators. Historically, such thin margins have acted as a stabilizing force, triggering the exit of inefficient miners and a subsequent reduction in supply pressure. This "quiet support" mechanism has historically underpinned Bitcoin's price during transitions between fear-driven selling and long-term accumulation phases.

The Network Value to Transactions (NVT) ratio, a key on-chain metric, has dipped below its low band, a historically bullish signal often preceded by a final price correction. This suggests that the market may be nearing a consolidation phase after recent volatility. Meanwhile, the resurgence of Bitcoin mining in China-despite the 2021 ban-adds another layer of complexity. Industry data indicates that China's global mining market share has rebounded to 14%, driven by cheap electricity in energy-rich provinces like Xinjiang. This resurgence, though unofficially recognized, could act as a demand and price support for BTC, particularly as miners capitalize on lower energy costs.

The broader institutional landscape also reflects growing confidence in Bitcoin. NASDAQ-listed KindlyMD reported holding 5,398 BTC as of Nov. 12, 2025, at an average cost of $118,204 per coin, underscoring institutional adoption. Meanwhile, Binance's recent delisting of BTC trading pairs like GMT/BTC and ME/BTC aligns with risk-management protocols amid evolving regulatory scrutiny. These moves highlight the maturing infrastructure of the crypto market, where liquidity transitions and compliance measures are becoming standard practice.

Looking ahead, the interplay between miner profitability and market dynamics could shape Bitcoin's trajectory. Analysts note that thin margins often precede a rally, as the exit of underperforming miners reduces selling pressure and stabilizes the network. The current environment, however, is complicated by broader macroeconomic factors, including rising interest rates and shifting regulatory frameworks. While some price predictions for 2025–2030 project BTC reaching $180,000–$250,000, such forecasts hinge on continued institutional adoption, technological advancements, and favorable macroeconomic conditions.

As the market navigates these variables, the compression of miner margins and the resurgence of mining activity in China may serve as counter-signals to bearish sentiment. The coming months will likely test whether these factors can translate into sustained upward momentum for Bitcoin.