What's stopping bitcoin from collapsing?

https://www.blockchain.com/explorer/charts/hash-rate

So, if the profits in mining start flattening, what is preventing this kind of downward spiral from happening: if the cost of mining goes up (=mining profits go down), which causes hashrates to go down, which causes efficiency/trust in btc to go down, which causes the price to go down, which causes mining profits to further go down etc. etc. etc.

While you don't really need miners and internet and whatnot to hold your btc, you do need miners for exchange btc, right?