Key Points
- Bitcoin (BTC) reached a new all-time high against the Euro, driven by the strengthening of the US dollar.
- Despite this, BTC failed to achieve a new high against the USD.
Bitcoin (BTC) achieved a new all-time high against the Euro on 29th October. The cryptocurrency surged to a high of €68k on Coinbase and €67.9k on Binance.
USD Strength Drives BTC’s Euro High
This milestone was largely driven by the US dollar (USD) strengthening against the Euro in recent days. The USD/EUR pair rallied 4% in October, from 0.8918 to 0.9300.
On the peak day, 1 USD was worth 0.93 EUR, translating to about €68K for the BTCUSD value high of $73.6K. This price difference could present arbitrage opportunities. Traders could buy BTC from cheaper BTCEUR markets and sell it in relatively expensive BTCUSD markets, profiting from the exchange differences and price lags.
No New High for BTC Against USD
Despite the new ATH against the Euro, BTC failed to achieve a new high against the USD. On the same day, BTC/USD hit a high of $73.6K, about $100 from the March ATH of $73.7K.
There was a spike in BTCEUR long positions being closed on the Bitfinex exchange at press time. Historically, such long unwinds correlated with BTC local tops in July and February.
The BTC price uptrend momentum remained strong, as indicated by an imminent golden crossover according to CryptoQuant. The blockchain analysis firm noted, “Historically, when the 30-day moving average crosses above the 365-day moving average —known as a “golden cross”—it indicates upward price momentum in the market.”
At the time of writing, BTCEUR was valued at $66.5K ($72.3K), about 2% down from its new ATH of €68K.