Bitcoin has reached an all-time high in euros as the latest BTC price breakout accelerates.
Cointelegraph Markets Pro and TradingView data confirm that BTC/EUR reached a historic high of €67,987 on Binance on October 29th.
Euro and Australian dollar hit new all-time highs for Bitcoin
Bitcoin (BTC) quickly broke through the last resistance level this week and almost re-entered the rediscovery of the USD price.
However, in Europe, the largest cryptocurrency achieved an early record thanks to changes in the strength of the dollar. After almost eight months of consolidation, BTC/EUR has broken through the ceiling set in March.
“The 350 million citizens of the eurozone just hit a new all-time high for Bitcoin,” longtime analyst Tour Demeester wrote in part of his reaction to X.
BTC/EUR daily chart. Source: TradingView
The euro is currently just one of the world’s major currencies at an all-time low in Bitcoin terms. Other names include the Australian dollar and Canadian dollar, along with unfamiliar names such as the Turkish lira.
BTC/TRY daily chart. Source: TradingView
The recent history of the eurozone over Bitcoin has been one of hostility, thanks to repeated criticism from the European Central Bank (ECB).
As reported by Cointelegraph, the ECB’s latest paper drew scorn and even ridicule from the crypto community, who considered the findings to be illegal.
“This new paper is a real declaration of war. The ECB claims that early adopters of Bitcoin are stealing economic value from latecomers,” De Meester said in a dedicated article on the report earlier this month. I warned you about it in some of the X threads.
“I strongly believe that the authorities will use this foolish argument to enact harsh taxes and bans.”
While BTC price is “far below” gold’s new record, Bitcoin faces another hurdle on the path to universal price discovery.
Related: The ‘Most Bullish’ Weekly Closes — 5 Things to Know about Bitcoin this Week
In addition to aiming for a new all-time high for the dollar, the largest cryptocurrency has yet to make a definitive break against gold.
Veteran trader Peter Brandt uploaded a BTC vs. XAU/USD chart to X, detailing the scale of the challenge ahead of the Bitcoin bull market.
“This is the most important part of the fight against fiat depreciation Bitcoin,” he said.
“USD BTC is still below its March 2024 high and has doubled in 2021. Bitcoin has not made any progress in 42 months.”
BTC/USD vs. Gold chart. Source: Peter Brandt/X
Gold hit an all-time high for the dollar on October 29 at $2,789.85 an ounce, part of an ongoing resurgence in risk assets that gained momentum in the fourth quarter.
This is the 1 month chart of XAU/USD. Source: TradingView
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
