Here's what could spark a 'huge BTC rally' as Bitcoin clings to $19K

Bitcoin (BTC) sagged with United States equities astatine the Oct. 19 Wall Street unfastened arsenic markets awaited tech earnings.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Eurozone sees caller all-time precocious inflation

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $19,000 aft falling steadily overnight.

Still trapped successful a choky range, the brace offered fewer cues to traders seeking advantageous short-term plays, portion immoderate sources argued that overall, existent levels represented coagulated bargain levels.

“With small calendar events till the adjacent FOMC successful aboriginal November, crypto continuing to lag down equities, and skews adjacent flat, protective downside structures are the cheapest levels they person been since June,” trading steadfast QCP Capital concluded to Telegram transmission subscribers connected the day.

QCP Capital was referring to the upcoming gathering of the U.S. Federal Reserve’s Federal Open Market Committee, astatine which a determination connected involvement complaint hikes would beryllium made.

Those numbers would beryllium apt to spark hazard plus volatility, with the U.S. much influential successful crypto markets than different nations erstwhile it comes to inflation.

The United Kingdom reported a caller forty-year precocious successful year-on-year ostentation connected the day, this reaching 10.1% arsenic nutrient prices took their toll. The Eurozone told a akin story, with yearly ostentation hitting 10.9% successful September — the highest ever recorded.

"The euro country yearly ostentation complaint was 9.9% successful September 2022, up from 9.1% successful August. A twelvemonth earlier, the complaint was 3.4%," a statement from Eurostat confirmed.

"European Union yearly ostentation was 10.9% successful September 2022, up from 10.1% successful August. A twelvemonth earlier, the complaint was 3.6%. These figures are published by Eurostat, the statistical bureau of the European Union."

Eurozone yearly ostentation rates illustration (screenshot). Source: Eurostat

Analyst eyes dollar parabola break

Elsewhere, the Japanese yen was connected way to deed the psychologically important 150 per dollar level.

The U.S. dollar scale (DXY) climbed connected the day, seeking to ace 113 wrong an wide consolidation structure.

Related: Bitcoin mirrors 2020 pre-breakout, but analysts astatine likelihood whether this clip is different

U.S. dollar scale (DXY) 1-hour candle chart. Source: TradingView

The time prior, marketplace expert Kevin Svenson had made a bold prediction for the dollar, arguing that Bitcoin would spot explosive maturation should the DXY 2022 “parabola” interruption down definitively.

“The $DXY is astir to interruption beneath the parabola folks,” helium summarized.

“If it does a immense BTC rally is apt to occur.”

U.S. dollar scale (DXY) illustration with parabola lines shown. Source: Kevin Svenson/ Twitter

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