Hourly candlestick chart BTC/USD (bit stamp). Source: TradingView
The Eurozone is witnessing a new record high inflation
Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair hovering around $19,000 after falling steadily overnight.
The pair remains in a tight range and has provided few clues to traders looking for a profitable short-term play, while some sources have stated that the current levels are generally strong buy levels.
Trading firm QCP Capital concluded that “with few events on the calendar before the upcoming FOMC meeting in early November, the cryptocurrency continues to underperform stocks and distortions are approaching consistent protective fall structures that are the cheapest levels they have been since June.” Participants. Telegram channel for a day.
QCP Capital referred to the upcoming meeting of the Federal Reserve System’s Open Market Committee, which will decide whether to raise interest rates.
These numbers can cause volatility in risky assets as the US is more influential in the cryptocurrency markets than other countries when it comes to inflation.
Britain posted a new 40-year year-on-year inflation high on the day, reaching 10.1% as food prices took their toll. In the Eurozone, a similar story unfolded: annual inflation reached 10.9% in September, an all-time high.
The annual inflation rate in the euro area was 9.9% in September 2022, compared to 9.1% in August. “A year ago, the rate was 3.4%,” Eurostat said in a statement.
The annual inflation rate in the EU was 10.9% in September 2022, compared to 10.1% in August. A year ago, the proportion was 3.6 per cent. These figures are published by Eurostat, the European Union’s statistical office.”
Eurozone annual inflation chart (screenshot). Source: Eurostat.
Analyst sees penetration of the parabolic dollar
Elsewhere, the Japanese yen was on course to reach the psychologically important 150 level against the dollar.
The US Dollar Index (DXY) is up during the day, aiming to break 113 points as part of a general consolidation pattern.
Related: Bitcoin Reflects 2020 Pre-Hack, But Analysts Disagree If This Time Is Different
US Dollar Index (DXY) 1-hour candlestick chart. Source: TradingView
The day before, market analyst Kevin Swanson made a bold prediction for the dollar, claiming that bitcoin would experience explosive growth if the DXY 2022 “parabola” eventually collapsed.
“Guys, the DXY dollar is about to fall below the parabola,” he concluded.
“If that happens, it’s likely to be a massive rally in Bitcoin.”