imagine it this way

imagine the most expensive location to mine bitcoin on the planet being japan and hawaii where by in 2021 the mining cost max of the planet was $75k

imagine the most efficient location to mine bitcoin on the planet being asia and slovic areas where by in 2021 the mining cost min of the planet was $15k

now imagine speculation psychology...

if no one on the planet can mine for less than $15k then no one wants to sell for less and everyone wouldturn to buying at that low.. this creates a support wall to stop it going down below $15k


if everyone on the planet can mine for less than $75k then no one wants to buy for more than $75k everyone would turn to mining and selling at that high.. this creates a resistance wall to stop it going up

well now in 2023 the support of the planet is about $22k and the resistance is at $150k

and the market ALWAYS speculates between the periods support/resistance of the economy

..
the resistance and support does rise at a slower pace and the market speculates randomly within the moving limits

as long as the mining cost/competition continues we will not see  a zero bottom again