Bitcoin Struggles to Sustain Recovery, Hash Rate Keeps On Climbing

Last week, BTC climbed above $20,000 but couldn't sustain the recovery, and now finds itself in the mid-$19,000s again. The US dollar is near its multi-year high, the US equities markets are nearing their June low broader market sentiment is still bleak.

There's some positivity the equities markets took a beating last week, but that had little effect on BTC. Sellers pushed the price below the 20-day EMA, but they were unable to extend the decline to the support at $18,600.

The bulls are buying on dips, but they're struggling to keep the price above the 50DMA. That's the immediate resistance above which a jump to $21,000 wouldn't be unlikely.

Meanwhile, the Bitcoin hash rate keeps climbing. In October, the hash rate has recorded gains of over 11%, reaching new all-time highs on a daily basis as GPU prices drop and other factors encourage more people to mine BTC.