BTCUSD Forex Signal: Bitcoin Consolidation to Continue Today
Data published on Friday showed that the American consumer inflation continued rising in September. As a result, analysts believe that the Federal Reserve will continue hiking interest rates in the coming months. The US dollar has surged and is approaching its highest point this year.
Meanwhile, a divergence has happened between Bitcoin and its hash rate. Recent data shows that the total hash rate surged to an all-time high of 265 TH/s. A higher hash rate is a sign of the safety of the network and a sign of more activity in the platform. Additional data shows that Bitcoin’s mining difficulty soared to an all-time high while Bitcoin mining profitability has continued falling and is hovering near its lowest level in years.On the 4H chart shows that the BTC/USD price has been in a tight range in the past few days.
It has remained around the important level at 19,000. As a result, Bitcoin is consolidating at the 25-day and 50-day moving averages. Oscillators like the
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