JPMorgan analysts indicate that Bitcoin's near-term trajectory is more dependent on the financial stability of the Strategy company than on miner selling pressures. The bank emphasizes that Strategy's ability to sustain its substantial Bitcoin holdings is crucial for market sentiment, overshadowing concerns about the mining sector. Analysts have adjusted Bitcoin's average production cost to $90,000, citing increased electricity expenses and financial challenges faced by miners. Strategy's $1.44 billion cash reserve is considered a safeguard against forced Bitcoin sales, and its upcoming inclusion in MSCI indices on January 15 could further influence investor sentiment and Bitcoin prices.