- Bitcoin printed a new ATH against the euro on Tuesday.
- The BTCUSDT pair had yet to make new highs above the March ATH.
On October 29, Bitcoin [BTC] reached a new all-time high (ATH) against the euro. It rose to a high of $68k on Coinbase and $67.9k on Binance.
This move cleared the previous March high, but a similar scenario did not occur on BTC/USD or BTC/USDT pairs at the time of writing.
Source: BTCEUR, TradingView
BTC reaches a new milestone against the euro
The printed new ATH was largely driven by the rise of the US dollar (USD) against the euro in recent days.
The USD/EUR pair rose 4% in October, from 0.8918 to 0.9300. At peak day, 1 USD was worth 0.93 EUR, which translates to approximately €68K for the BTCUSD value of $73.6K.
In most cases, such price differences in a context of a stronger USD could provide arbitrage opportunities. You could buy BTC on cheaper BTCEUR markets and sell it on relatively expensive BTCUSD markets. The exchange rate differences and price gaps are then pocketed in the profit.
Despite BTC’s new ATH against the Euro, the asset failed to reach a new high against the USD.
On the same day, BTC/USD reached a high of $73.6K, around $100 compared to March’s ATH of $73.7K.
That said, at the time of writing, there was a spike in the number of BTCEUR long positions being closed on the Bitfinex exchange (red candles). In the past, such long periods correlated with the local BTC top in July and February.
A local BTC bottom and recovery followed as the exchange listed more longs. Whether a similar trend will repeat and pull BTC down slightly before continuing remains to be seen.
Source: Bitfinex BTCEUR longs, TradingView
In the meantime, the upward momentum of BTC price was strong. This was evident from an impending gold crossover, according to CryptoQuant. The blockchain analytics company 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.”
Source: CryptoQuant
At the time of writing, BTCEUR was valued at $66.5K ($72.3K), about 2% lower than the new ATH of €68K.
