Bitcoin holds above cost basis while miner hashrate and energy chokepoints constrain momentum.

Bitcoin trades near 61300 dollars after a 3 percent drop amid exchange inflows and extreme fear readings that leave price only modestly above cost basis. Miner hashrate erosion and an impending 11 percent difficulty cut signal participation fatigue even as baseline security persists. Geopolitical pauses in the Middle East sustain energy premiums without easing broader financial conditions or lifting risk assets. The contradiction most ignore is that flushed leverage and low MVRV have not produced absorption or renewed accumulation, leaving supply available while liquidity stays neutral. What happens to exchange flows over the next 48 hours will decide whether distribution accelerates or stalls.