10/20/2022
Here’s what could spark a ‘huge BTC rally’ as Bitcoin clings to $19K
Bitcoin sagged with United States equities at the Oct. 19 Wall Street open as markets awaited tech earnings.
Eurozone sees fresh all-time high inflation
Data showed BTC/USD circling $19,000 after falling steadily overnight.
Still trapped in a tight range, the pair offered few cues to traders seeking advantageous short-term plays, while some sources argued that overall, current levels represented solid buy levels.
“With little calendar events till the next FOMC in early November, crypto continuing to lag behind equities, and skews near flat, protective downside structures are the cheapest levels they have been since June,” trading firm QCP Capital concluded to Telegram channel subscribers on the day.
QCP Capital was referring to the upcoming meeting of the U.S. Federal Reserve’s Federal Open Market Committee, at which a decision on interest rate hikes would be made.
Those numbers would be apt to spark risk asset volatility, with the U.S. more influential in crypto markets than other nations when it comes to inflation.
The United Kingdom reported a new 40-year high in year-on-year inflation on the day, reaching 10.1% as food prices took their toll. The eurozone told a similar story, with annual inflation hitting 10.9% in September — the highest ever recorded.
“The euro area annual inflation rate was 9.9% in September 2022, up from 9.1% in August. A year earlier, the rate was 3.4%,” a statement from Eurostat confirmed.
“European Union annual inflation was 10.9% in September 2022, up from 10.1% in August. A year earlier, the rate was 3.6%. These figures are published by Eurostat, the statistical office of the European Union.”
