Bitcoin bulls enjoyed a relief rally to $69,000 on the back of soft US CPI 
inflation data amid hopes of BTC price action making a &#8220;higher low.&#8221;

Bitcoin passes $69K on slower US CPI print, but Fed rate-cut odds stay low

U.S. inflation cooled more than expected in January, offering tentative relief 
to households and fresh fuel for debate over when the Federal Reserve might 
ease policy. January CPI Comes in Light, Core Holds at 2.5% The January 2026 
Consumer Price Index (CPI), released Feb. 13 by the U.S. Bureau of Labor 
Statistics, showed headline inflation […]

US Inflation Cools in January to 2.4% as Markets Weigh Fed’s Next Move

JPMorgan is sticking with its long-run bitcoin upside framework, including a 
$266,000 per-coin target, even as the bank flags near-term stress signals 
around mining economics and still-chilly risk sentiment heading into 2026. The 
bank’s latest read hinges on two pillars: a “soft” floor around bitcoin’s 
production cost, and a valuation model that maps bitcoin’s potential market 
cap against private-sector gold investment on a volatility-adjusted basis. In 
the near term, JPMorgan frames the current drawdown as a familiar stress test 
for miners. The bank estimates the cost to produce a bitcoin at roughly 
$77,000, while bitcoin was trading around the mid-$60,000s in the same 
analysis window, putting spot below breakeven for less efficient operators. JP 
Morgan Remains Bullish On Bitcoin Historically, JPMorgan argues, production 
cost tends to behave like “soft” support rather than a hard line. The 
mechanism is reflexive: if prices stay below profitability for long enough, 
weaker miners shut down, difficulty adjusts lower, and the average cost of 
production falls, effectively tightening the band that previously sat above 
spot. Related Reading: Why The Bitcoin Price Crash Toward $60,000 Was 
“Necessary” The bank also keeps its broader market tone constructive for 2026, 
leaning on the idea that institutional capital (not retail or corporate 
treasuries) is the marginal buyer that can restart flows when the macro 
backdrop stabilizes. As JPMorgan put it: “We are positive on the outlook for 
2026 and expect increased inflows into digital assets, driven by institutional 
investors.” JPMorgan’s $266,000 target is not pitched as a 2026 “call,” but as 
the mathematical end point of a gold-parity thought experiment. In the bank’s 
model, matching the scale of private gold investment (roughly $8 trillion, 
excluding central banks) implies a bitcoin price around $266,000, a level the 
analysts themselves described as “unrealistic” in the near term. Related 
Reading: Is The Bitcoin Bottom In? Leading On-Chain Analyst Sees A Floor 
Forming The bridge between “unrealistic now” and “possible later,” in 
JPMorgan’s framing, is volatility. The bank has pointed to a bitcoin-to-gold 
volatility ratio around 1.5, unusually low by historical standards and argues 
that gold’s surge since October alongside rising gold volatility has improved 
bitcoin’s relative appeal over the long run. “The large outperformance of gold 
vs. bitcoin since last October coupled with the sharp rise in gold volatility 
has led to bitcoin looking even more attractive compared to gold over the long 
term,” the analysts wrote. JPMorgan’s stance effectively splits the tape into 
two timeframes: a messy adjustment process if bitcoin remains below mining 
breakevens, and a longer-duration bet that institutional inflows and 
regulatory progress in the US can reprice the asset’s role versus gold as 2026 
unfolds. At press time, BTC traded at $66,229. Featured image created with 
DALL.E, chart from TradingView.com

JPMorgan Keeps Bitcoin Bull Case: $266,000 Remains The Target

Crypto exchange-traded funds (ETFs) extended their losing streak as bitcoin 
and ether recorded another wave of heavy outflows. XRP also slipped into the 
red, while solana stood out with modest inflows. Bitcoin ETFs Bleed $410 
Million as Crypto Outflows Accelerate Selling pressure intensified across 
crypto exchange-traded funds (ETFs), with investors continuing to pull capital 
from […]

Heavy Selling Hits Bitcoin and Ether ETFs Again With $523 Million Combined Outflows

Coinbase&#8217;s strategic Bitcoin accumulation amid economic uncertainty highlights 
a growing trend of corporate treasuries embracing crypto assets.
The post Coinbase acquires 841 Bitcoin in Q4, lifting holdings to 15,389 BTC 
appeared first on Crypto Briefing.

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