Bitcoin’s Higher High Shows Just How Weak Fiat Currencies are Becoming
Because of the dollar’s dominance, regardless of the failure to produce a higher high in other currencies, BTCUSD is the chart that matters most, and the higher high is in.
The second piece of the puzzle came into play over the weekend when on Halloween and a full moon Bitcoin price exploded all the way to ,100 at the peak on the BTCUSD pair.
Top Cryptocurrency Finally Sets Higher High for First Time Since Bull Market Peak
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The difference is due to weakness in these other currencies, letting Bitcoin gain the upper hand. Against stronger currencies, like the yen, pictured below, Bitcoin again failed to confirm an uptrend.
Is a weak dollar really responsible for Bitcoin’s higher high? | Source: BTCUSD on TradingView.com
Over the weekend, Bitcoin set a pivotal higher high. And although the crypto asset is pulling back slightly with this week’s election uncertainty, a confirmed uptrend could make for clear skies in the weeks ahead.
Dollar Decline: Bitcoin Falls Short of New Highs Against the Euro, Yen, and More
However, does a lack of a higher high on other top currencies tell a different story about Bitcoin – one that instead highlights the dollar’s weakness more so than the cryptocurrency’s strength?
Japanese crypto investors aren’t as convinced, or is the yen stronger than the dollar? | Source: BTCJPY on TradingView.com
RELATED READING | BITCOIN SETS NEW ALL-TIME HIGH IN THESE GLOBAL CURRENCIES
The leading cryptocurrency fails to set a higher high against the euro | Source: BTCEUR on TradingView.com
Featured image from Deposit Photos, Charts from TradingView.com
According to Investopedia, the definition of an uptrend is “an overall move higher in price, created by higher swing lows and higher swing highs.” Bitcoin’s higher low on Black Thursday, as frightening as that day may have been, was one step in turning the trend from bearish to bullish.
Bulls have been celebrating Bitcoin’s higher high and what they believe to be a confirmed uptrend. But unfortunately, the cryptocurrency has failed to set a higher high against other leading world fiat currencies, suggesting that maybe it is the dollar’s weakness behind the new peak in price, and not an uptrend as expected.
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