According to a report by Matrixport, Bitcoin (BTC) is facing selling pressure at the $28,000 price level, possibly due to miners being forced to liquidate new inventory produced. The report suggests that profit margins have compressed in recent weeks, making mining very competitive and often unprofitable. Markus Thielen, head of research, wrote that most machines produced before 2022 appear to be unprofitable at current input cost and potential output revenue expectations. However, Matrixport foresees significant upside convexity for miners if Bitcoin prices increase by 10% or more.