Bitcoin (BTC) fell alongside US stocks at Wall Street’s opening on Oct. 19 as the market waits for tech earnings.
Eurozone sees new all-time high inflation
Cointelegraph Markets Pro and TradingView After steadily falling overnight, BTC/USD shows around $19,000.
The pair was still trapped in a tight range, giving little clue to traders looking for favorable short-term play.
“With few calendar events until the next FOMC in early November, crypto continues to lag equities, skew is near flat and the protective downside structure is at its cheapest level since June.” concluded trading firm QCP Capital to Telegram channel subscribers. Day.
QCP Capital points to the next meeting of the Federal Open Market Committee of the US Federal Reserve Board, where a decision on the interest rate hike will be made.
These numbers tend to spur volatility in risky assets, with the United States having more influence over cryptocurrency markets than other countries when it comes to inflation.
Britain reported its highest year-on-year inflation in 40 years, reaching 10.1%, as food prices took a toll. So did the Eurozone, where annual inflation hit a record high of 10.9% for her in September.
“Eurozone annual inflation will stand at 9.9% in September 2022, up from 9.1% in August. A year ago, the rate was 3.4%,” said a Eurostat statement. Confirmed.
“The annual inflation rate in the European Union will stand at 10.9% in September 2022, up from 10.1% in August, compared with 3.6% a year ago. Published by Eurostat.
Analysts Focus on Dollar Parabolic Break
Elsewhere, the Japanese yen was on track to reach the psychologically important level of 150 yen to the dollar.
The US Dollar Index (DXY) rose today and tried to break below 113 in the overall consolidation structure.
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A day earlier, market analyst Kevin Svensson made a bold prediction for the dollar. claiming If the DXY 2022 “parabola” collapses definitively, Bitcoin will grow explosively.
“$DXY is about to undercut the parabolic people,” he summed up.
“If we can do that, there is a high chance of a significant rise in BTC.”
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