According to Deep Tide TechFlow, on October 27, QCP Capital's latest weekly report revealed that Bitcoin failed to retest the $69,500 high since July, falling back to the $65,000 support level, and is currently forming a consolidation pattern. Bitcoin ETF recorded a net inflow of $997.7 million this week, marking the third consecutive week of positive inflows, highlighting a sustained demand from institutional investors.
Bitcoin's market capitalization share rose to a new weekly high of 59.75%. Meanwhile, the ETH/BTC ratio fell below the critical support level of 0.0385, declining 5.85% to 0.03625. QCP analysts believe that as Bitcoin approaches historical highs, its dominant market position may continue to rise in the short term.
Additionally, rumors about Tether being investigated by the U.S. government triggered a brief fluctuation in USDT's price, which fell to 0.9965 before rebounding above 0.998. Tether CEO Paolo Ardoino has denied these rumors, but this is not the first time Tether has faced similar regulatory scrutiny.
On a macro level, Israel's retaliatory strikes against Iran, coupled with the impact of the USDT incident, caused the Dow Jones Industrial Average and the S&P 500 to drop by 0.61% and 0.03%, respectively. The cryptocurrency market subsequently experienced a correction, with Bitcoin briefly falling to $65,500. The market is currently focusing on the non-farm payroll data due next Friday, which will provide important insights for the Federal Reserve's future policy direction. Current market expectations indicate a 95.1% probability that the Federal Reserve will cut interest rates by 25 basis points in November.
