Many mining machines are shut down, and US$92,000 is the "iron bottom" of Bitcoin in the short term?

PANews Editor's Note: PANews February 11th news , according to F2pool data, mining machines such as Shenma M30S, Avalon A1246, Ant S17 Pro have all reached the shutdown coin price. In addition, mining machines such as Grayscale G7, Hippo H2, and Ant T19 are all close to the price of shutdown coins. Generally speaking, starting to shut down the miner means reaching a short-term "bottom".

The cryptocurrency market fell slightly on Tuesday after U.S. President Donald Trump announced a 25% tariff on imported steel and aluminum.

Bitu data shows that Bitcoin has fallen 1.63% in the past 24 hours, and currently trading is hovering below $96,000, while Ethereum has fallen 2.12% to about $2,600. XRP and Solana (SOL) have little fluctuation.

In the past 24 hours, the total market value of cryptocurrencies has fallen by 0.98% to $3.15 trillion. CoinGlass data shows that the total amount of cryptocurrency-wide liquidation in the entire network during the same period reached US$233 million, mainly long orders, equivalent to approximately US$149 million.

Trump tariffs and macroeconomic uncertainty

Tracy Jin, vice president of cryptocurrency exchange MEXC, attributed the market's movements primarily to the Fed's recent decision to keep interest rates unchanged, and broader macroeconomic concerns, where uncertainty investors tend to seek safer assets, For example, gold or US dollar, which is usually accompanied by a decline in interest in risky assets, including cryptocurrencies.

Matt Britzman, senior equity analyst at Hargreaves Lansdown, noted in a Tuesday note that history shows that trade war concerns caused by the tariff threat tend to “come quickly and go quickly, but this time, smart investors aren’t that sure; Currency, bond and commodity traders are hedging their bets, with US dollar, U.S. Treasury yields and gold prices rising as tensions heat up”.

LMAX Group currency strategist Joel Kruger believes that this is more about the market re-familiarity with Trump's strategy than any substantial risks associated with extreme tariff measures.

"While the new announcement may bring short-term volatility, we do not believe this risk will trigger any significant turmoil, and crypto assets are expected to continue to be well supported by medium and long-term players seeking to buy on dips," Joel Kruger said.

$92,000 support level becomes key

Checkonchain data shows that the market value to realization value ratio (MVRV) of short-term holders (STH) has dropped to 1.05.

MVRV is a key measure of the profitability of Bitcoin holders. When the MVRV is higher than 1, it means that the investor is still in a profitable state; below 1 means that the investor is in a loss. The current MVRV has dropped to 1.05, indicating that short-term holders' profit margins are shrinking. If MVRV drops further, it may put more pressure on Bitcoin prices, as this means more short-term holders are approaching the breakeven point.

Currently, MVRV is still higher than 1, indicating that the selling pressure of short-term holders is not significant. However, it is necessary to focus on the cost base of short-term holders, which is the level of approximately $92,000. This price is a key support level for Bitcoin prices, reflecting the average cost of short-term investors buying BTC. If the price of Bitcoin falls to $92,000, it may trigger more sell-offs, as short-term holders may choose to stop loss and leave the market. If it falls below this support level, market sentiment may deteriorate further, causing an accelerated decline in prices.

In addition to the MVRV indicator, the liquidity area is an area where a large number of orders is concentrated, usually serving as support or resistance. Bitcoin has recently dropped to lows many times to absorb liquidity, and its current price is hovering below $94,000, which is also an important liquidity area. If this pattern continues, Bitcoin may drop further to $92,000. If this key support level cannot be maintained, short-term sell-off behavior of holders may intensify downward pressure.