RATE Group | Bitcoin Ducks Deep Pullback against Euro and One Strong Fundamental Could be Behind It
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Bitcoin Ducks Deep Pullback against Euro and One Strong Fundamental Could be Behind It

27 Jan Bitcoin Ducks Deep Pullback against Euro and One Strong Fundamental Could be Behind It

Posted at 14:45h in Bitcoin News by

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Bitcoin is looking attractive against the Euro as the European Central Bank signals it will leave negative rates intact.

The bitcoin-to-euro exchange rate on January 24 ducked a deep downside attempt after bouncing back from its local support of €7,4577.77. The latest move uphill took the pair up by 6.20 percent, indicating that bulls are still in charge of the bias in euro-denominated markets.

bitcoin, cryptocurrency, euro

The BTC/USD bidding rate is showing an interim recovery | Source: TradingView.com, Coinbase

Bitcoin’s bounce against the Euro also followed its supersonic growth in the last monthly session. From December 18, 2019, to the time of this writing, the benchmark cryptocurrency surged by 36.32 percent (as of 12:39 UTC).

While investors showed signs of profit-taking, which brought the price down, a large portion is still holding on to bitcoin that could be due to one very strong fundamental indicator.

Weaker Euro

Investors continue to decrease their bets on the Euro as the fiat currency continues to…

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