Bitcoin reached a new all-time high (ATH) against the Euro on the 29th of October. It soared to €68k on Coinbase and €67.9k on Binance.
This surge surpassed the previous peak in March, although a similar scenario did not unfold on the BTC/USD or BTC/USDT pairs at the time of reporting.
Bitcoin Hits Milestone Against Euro
The recent ATH was mainly fueled by the recent strengthening of the US dollar (USD) against the Euro in the last few days.
In October, the USD/EUR pair rose by 4%, climbing from 0.8918 to 0.9300. At its peak, 1 USD was equivalent to 0.93 EUR, resulting in a value of about €68k for BTCUSD at a high of $73.6k.
Amidst a strengthening USD, there could potentially be opportunities for arbitrage due to price variations. Traders could purchase BTC from markets where it is cheaper in BTCEUR and sell it at higher prices in BTCUSD markets, profiting from the differences in exchanges and prices.
Despite Bitcoin’s new ATH against the Euro, it failed to establish a fresh high against the USD.
Simultaneously, BTC/USD hit $73.6k on the same day, coming close to the March ATH of $73.7k by about $100.
Observations indicated a rise in BTCEUR long positions being closed on the Bitfinex platform (indicated by red candles) at the time of the report. Historically, the unwinding of such long positions coincided with BTC reaching local tops in February and July.
A trend reversal where more long positions were opened preceded a local BTC bottom and recovery in the past. It remains to be seen whether a similar trend will recur, potentially causing a slight decline in BTC before a resurgence.
Meanwhile, the bullish momentum in BTC pricing was evident. CryptoQuant highlighted an upcoming golden crossover, stating,
“Traditionally, when the 30-day moving average surpasses the 365-day moving average, referred to as a ‘golden cross,’ it signals a positive price trend in the market.”
At the time of composing this, the BTCEUR was priced at $66.5k ($72.3k), showing a slight 2% decrease from its recent ATH of €68k.