Bitcoin Makes ATH Against Euro Due To Change In Dollar Strength, Details Inside
Bitcoin (BTC) reached a new all-time high (ATH) against the euro, surpassing €68,000 ($73,561) on October 29. This is the first ATH against the euro since March 2024. Bitcoin fell short of a new USD ATH by approximately $200, trading at $71,805, influenced by the dollar's strength due to the US Federal Reserve's interest rate hikes aimed at controlling inflation. BTC also achieved a new ATH against the Canadian Dollar (CAD), exceeding CAD 102,000. The cryptocurrency has set new ATHs against weaker currencies like the Turkish Lira and Argentine Pesos. The crypto market is anticipating a USD-denominated ATH, as most trading occurs in USD or stablecoins. BTC/EUR trading volumes are significantly lower than BTC/KRW volumes, which reach up to $400 million daily. Traders are holding off on profit-taking around $71,000, indicating expectations for further price increases. Analyst Peter Brandt noted that a daily close above $76,000 is needed to confirm a breakout.
