A look at stock data from renowned market analyst Sminston shows that Bitcoin is now at a pivotal decision point after last week’s price rally. The top cryptocurrency started April on a bullish note, posting a seven-day gain of around 10%, according to CoinMarketCap data.
This price surge amid an extended bear market has triggered certain market dynamics that could lead to a deep retracement if the current rally is unsustainable.
Bitcoin Reaches the CoP Layer – What’s Next?
In an April 10 For context, the power law (PL) displays the price of Bitcoin on a logarithmic scale, with the upper band representing overheated areas and the lower band representing undervalued areas.
Meanwhile, production cost, as the name suggests, is the average cost a miner incurs to produce 1 BTC. This includes factors such as electricity, hardware, and other operating costs. If the price falls below the CoP, miners’ profitability drops significantly and operations cease.
Today’s Bitcoin price is currently at or just below the power law estimate of the lower cost of production (CoP) of $73,234.
As a possible lower level to catch next fall, we have about $60,000 (first quantile PL floor) and perhaps worst case, our current CoP estimate is $53,000. pic.twitter.com/7nIzu8NrJK
— Sminston With 👁 (@sminston_with) April 10, 2026
Currently, Bitcoin is traded around (CoP) and is said to be in a state of balance, i.e. neither cheap nor expensive. If Bitcoin loses this level of structural support, the Power Law chart indicates that a sharp correction will follow. In this regard, the first quartile PL lower bound is approximately $60,000. This represents a normal correcting floor market driven by the liquidation of weak hands and the steady accumulation of strong hands and long-term holders.
In a worst-case scenario if the price fails to sustain above this level, it could fall to the CoP estimate of $53,000. This is an area of deep market stress accompanied by macro shocks and panic selling among investors. It may also represent another key accumulation area for long-term holders.
The Bitcoin hash rate stabilizes at around 873.19EH/s.
According to CoinWarz data, Bitcoin’s hashrate is currently stabilizing at around 873.19 EH/s. The network briefly surged toward 1.2 ZH/s twice last week, but was unable to sustain a break above that level. Previous outbreaks date back to December, a threshold that has not been lifted consistently over the past six months.
At press time, the leading cryptocurrency is trading at $72,709, reflecting weekly and monthly gains of 9.03% and 4.13%, respectively.
Featured image from iStock, chart from Tradingview
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