The Bitcoin (BTC) market continues to stabilize around $90,000 after a significant price recovery over the past week. Before these recent gains, the first cryptocurrency had undergone a severe market correction, falling approximately 36.10% from its all-time high of approximately $126,100. Amid the ongoing consolidation, the latest data on Bitcoin miner activity suggests the asset may have hit a local low, with eyes now set on a continued uptrend.
Particularly market analyst BorisD shares on the CryptoQuant QuickTake platform, an insight suggesting that Bitcoin likely formed a local bottom as it fell to $80,000 during the recent correction phase. The expert explains that this theory is confirmed by Bitcoin miners registering an underpaid status, which has historically been a strong signal in confirming a bottom in the local market.
For context, Bitcoin miners are underpaid when mining revenues, i.e. block rewards + fees, fall below the average miner operating costs, resulting in financial stress, foreclosure and capitulation of certain miners, possibly due to bankruptcy.
The Economics of Bitcoin Miners in Influencing Market Ends
BorisD explains that the profitability of Bitcoin miners has been a consistent benchmark in determining potential market tops or bottoms. For example, revenues from miners reached an intensely high level in early 2024, while prices rose sharply. This condition, created by an increase in transaction costs and the value of the block dollar, allowed miners to become profitable by distributing supply to the market, aligning early topping structures.
By mid-2024, the market had established a pattern in which capitulation zones often indicate a local low, and heavily overpaid zones matched the market top with heavy liquidity outflows. This pattern persisted particularly through late 2024 and early and mid 2025, with miners’ earnings alternating between the overpaid and underpaid zones.
As Bitcoin’s price struggled in the fourth quarter of 2025, falling to around $80,000, BorisD explains that miners once again faced a severely underpaid regime that completed a capitulation cycle, an exhaustion of miner-induced selling pressure, but most importantly a confirmation of the local price floor.
Bitcoin Market Overview
At the time of writing, Bitcoin is trading at $90,898, after a small gain of 0.64% in the past 24 hours. Meanwhile, daily trading volume fell 36.32% to $38.77 billion.
According to BorisD, Bitcoin miners’ profitability is expected to continue improving provided the market price remains above $80,000. These dynamics, in turn, support a continuation of upward price momentum, potentially pushing Bitcoin to a new market top. Although the current market cycle exhibits atypical behavior compared to previous ones, analysts remain generally optimistic. Many expect Bitcoin to not only recover, but eventually surpass its previous six-figure valuation.