BTC average mining costs have increased.

Compared to the ATH point, the average mining costs of Bitcoin(BTC) is higher than before, which means miners have been putting computing sources such as ASIC more and more.

Since the mining cost increases, miners can't sell BTC in cheap prices. So, if the BTC price is low, they won't sell it much.

After the 4th BTC halving which is supposed to do Apr 2024, miners will have less BTC holdings before, and they won't be able to sell much BTC.

So, my conclusion is the BTC fundamental is getting robust, and the next bullish market is coming.