Bitcoin made headlines on 29th October when it reached an all-time high (ATH) against the Euro. It soared to €68k on Coinbase and €67.9k on Binance.
This surge surpassed the previous high in March, although a similar pattern did not emerge for the BTC/USD or BTC/USDT pairs at the time of reporting.
Bitcoin Hits New Milestone Against Euro
The latest ATH was primarily fueled by the recent strengthening of the US dollar (USD) against the Euro.
In October, the USD/EUR pair saw a 4% increase, moving from 0.8918 to 0.9300. At its peak, one USD equaled 0.93 EUR, resulting in a value of about €68k for BTCUSD at a high of $73.6k.
In situations where the USD strengthens, price disparities like these can present arbitrage possibilities. Traders can acquire BTC from more affordable BTCEUR markets and sell them in higher-priced BTCUSD markets, capitalizing on the exchange rate gaps and price differentials for profit.
Despite setting a new record against the Euro, Bitcoin failed to achieve a fresh high against the USD.
On the same day, BTC/USD reached a high of $73.6k, just $100 shy of the March ATH at $73.7k.
Interestingly, there was a noticeable increase in BTCEUR long positions being liquidated on the Bitfinex exchange (indicated by red candles) at the time of reporting. Historical data suggests that such closures of long positions have coincided with local BTC price peaks in previous instances, like in July and February.
Past trends show that following these liquidations, Bitcoin tends to bottom out before rebounding once long positions start to accumulate. The possibility of a similar pattern playing out, causing a slight dip in BTC’s value before another upward push, remains uncertain.
Meanwhile, Bitcoin’s price uptrend exhibited robust momentum. This was evidenced by an impending golden crossover signal, as highlighted by CryptoQuant.
“Historically, when the 30-day moving average rises above the 365-day moving average – a scenario known as a ‘golden cross’ – it signals a bullish trend in the market.”
As of the latest data, BTCEUR was priced at $66.5k ($72.3k), indicating a marginal 2% decrease from its recent ATH of €68k.