According to Deep Tide TechFlow, on October 27, QCP Capital's latest weekly report shows that Bitcoin failed to re-test the $69,500 high since July, falling back to the $65,000 support level, and is currently forming a consolidation pattern. Bitcoin ETF saw a net inflow of $997.7 million this week, maintaining positive inflows for the third consecutive week, highlighting the continued strengthening of institutional investment demand.
Bitcoin's market capitalization share has risen to a weekly high of 59.75%. Meanwhile, the ETH/BTC ratio fell below the key support level of 0.0385, declining 5.85% to 0.03625. QCP analysis believes that as Bitcoin approaches its historical high, its market capitalization dominance is likely to continue to rise in the short term.
In addition, the news that Tether is reportedly being investigated by the U.S. government triggered a brief fluctuation in the price of USDT, which fell to 0.9965 before rebounding above 0.998. Tether CEO Paolo Ardoino has denied this rumor, but this is not the first time Tether has faced similar regulatory scrutiny.
On a macro level, Israel launched retaliatory strikes against Iran, coupled with the impact of the USDT incident, causing the Dow Jones Index and the S&P 500 Index to fall by 0.61% and 0.03%, respectively. The cryptocurrency market subsequently underwent a correction, with Bitcoin temporarily dropping to $65,500. The market is currently focusing on next Friday's non-farm payroll data, which will provide important references for the Federal Reserve's subsequent policy direction. Currently, the market expects a 95.1% probability of a 25 basis point rate cut by the Federal Reserve in November.
