Recently, the cost of Bitcoin mining has soared to over $70,000, primarily driven by rising energy costs and an increase in network hashrate. This phenomenon has put immense operational pressure on small and medium-sized miners, while capital-rich large miners have shown strong resilience at the $105,000 price level, continuing to maintain stable market supply.

Historically, the trading price of Bitcoin has often been higher than the actual mining cost, which provides some support for the current price. At the same time, the upcoming halving event of block rewards in 2024, along with the continuous influx of institutional funds, creates favorable conditions for the upward movement of Bitcoin prices.

However, the Bitcoin market trend is not determined by a single factor. The uncertainty of regulatory policies, changes in the global macroeconomic situation, and other factors can have a significant impact on the digital currency market. Therefore, although the current market fundamentals are favorable for price increases, whether Bitcoin can break through its historical high and continue to reach new highs still faces many variables and challenges.