Bitcoin hits €68K ATH, eyes further upward momentum
- Bitcoin (BTC) reached a new all-time high (ATH) against the Euro at around €68,000.
- The US Dollar (USD) strengthened against the Euro, contributing to the new ATH.
- Against the US Dollar, Bitcoin remained just below its previous ATH of $73,700.
- Market dynamics suggest a potential continuation of the upward trend.
Bitcoin Reaches New All-Time High Against the Euro
On October 29, 2024, Bitcoin (BTC) reached a new all-time high (ATH) against the Euro. On the Coinbase trading platform, the price rose to €68,000, while on Binance it was just below at €67,900. This surpassed Bitcoin’s previous high from March 2024.
Interestingly, the BTC/USD price remained below its previous peak of $73,700. On the same day, the Bitcoin price against the US Dollar reached a high of $73,600, just $100 short of the ATH.
US Dollar Strengthens Bitcoin Against the Euro
The recent price development of Bitcoin against the Euro was significantly influenced by the strength of the US Dollar. In October 2024, the USD/EUR rate increased by 4%, from 0.8918 to 0.9300. On the day of the peak, 1 USD was worth 0.93 EUR, pushing the Bitcoin price to around €68,000.
Such price differences between BTC/EUR and BTC/USD markets can create arbitrage opportunities. Traders could buy Bitcoin on cheaper BTC/EUR markets and sell on more expensive BTC/USD markets to profit from the price differences.
BTC/USD Remains Just Below All-Time High
Despite the new ATH against the Euro, Bitcoin was unable to reach a new high against the US Dollar. The BTC/USD price stayed at $73,600, just below the previous peak of $73,700.
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At the same time, there was a significant decline in BTC/EUR long positions on the Bitfinex exchange. Historically, such declines have often signaled local peaks, followed by a short-term correction and subsequent recovery.
Technical Indicators Point to Further Uptrend
Despite the slight correction, Bitcoin’s upward trend remains strong. A technical signal known as the “Golden Cross” suggests a potential continuation of the price increase. A Golden Cross occurs when the 30-day moving average crosses above the 365-day moving average, indicating long-term upward momentum.
At the time of writing, the Bitcoin price was around €66,500 ($72,300), about 2% below the new ATH.
Our Assessment
Bitcoin’s new all-time high against the Euro shows that the cryptocurrency continues to be heavily influenced by global macroeconomics, particularly the strength of the US Dollar. Although Bitcoin has not yet reached a new ATH against the US Dollar, technical indicators suggest a potential continuation of the upward trend. Short-term corrections may occur, but long-term potential for further price gains remains.
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
|
| Cons |
|
| Price | $69,755.00 |
| 24h % | -3.35 % |
| 7d % | 2.67 % |
| 30d % | 14.35 % |
| 60d % | 21.36 % |
| 1y % | 102.09 % |
| Market Cap | $1,380,372,445,127.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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