Originally published on: October 30, 2024
Bitcoin has made history by reaching an all-time high in euros, with the latest breakout fueling excitement among Bitcoin bulls.
According to data from Cointelegraph Markets Pro and TradingView, on Oct. 29, BTC/EUR soared to a record peak of 67,987 euros on Binance. This milestone comes as Bitcoin nearly re-enters US dollar price discovery territory, surpassing final resistance levels with remarkable speed.
In Europe, the cryptocurrency’s surge to an all-time high was attributed to shifts in dollar strength, breaking through a ceiling set in March after almost eight months of consolidation. Analyst Tuur Demeester noted, “The 350 million citizens of the eurozone just experienced a new all-time high for Bitcoin,” reflecting the significance of this achievement.
The euro is not the only major world currency reaching all-time lows against Bitcoin, with others like the Australian dollar, Canadian dollar, and Turkish lira also following suit. Despite the European Central Bank’s past criticism of Bitcoin, the cryptocurrency has continued its upward trajectory, defying odds and setting new records.
While Bitcoin aims to reclaim a new dollar all-time high, it faces another challenge in breaking out against gold. Veteran trader Peter Brandt highlighted the tough battle ahead for Bitcoin bulls, emphasizing the significance of this heavyweight division in the ongoing fight against fiat depreciation.
Gold itself hit a dollar all-time high on Oct. 29, reaching $2,789.85 per ounce amidst a resurgence in risk assets in Q4.
It’s important to note that this article does not serve as investment advice. Readers are encouraged to conduct their own research and due diligence before making any investment decisions.
Don’t miss out on more insightful articles like this one. Subscribe to our Markets Outlook newsletter for critical insights on spotting investment opportunities, mitigating risks, and refining trading strategies.
