Bitcoin hits ATH against Euro, nearly breaks USD – What now?

Bitcoin printed a new ATH against the Euro on Tuesday.
BTCUSDT pair was yet to hit fresh new highs above the March ATH.

On 29th October, Bitcoin [BTC] hit a new all-time high (ATH) against the Euro. It surged to a high of €68k on Coinbase and €67.9k on Binance.

The move cleared the previous March high, but a similar scenario didn’t happen on BTC/USD or BTC/USDT pairs as of press time.

Source: BTCEUR, TradingView

BTC sets new milestone against Euro

The printed new ATH was largely driven by the US dollar (USD) strengthening against the Euro in the past few 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.

In most cases, such price differences amid strengthening USD could present arbitrage opportunities. One could buy BTC from cheaper BTCEUR markets and sell it in relatively expensive BTCUSD markets. The exchange differences and price lags are then pocketed as profit.

Despite the BTC’s new ATH against Euro, the asset failed to front a fresh 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.

That said, there was a spike in BTCEUR long positions being closed on the Bitfinex exchange (red candles) at press time. In the past, such long unwinds correlated with BTC local tops in July and February.

A local BTC bottom and recovery followed when the exchange recorded more longs. Whether a similar trend will repeat and drag BTC slightly lower before pushing forward remains to be seen.

Source: Bitfinex BTCEUR longs, TradingView

In the meantime, the BTC price uptrend momentum was strong. This was shown 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.”