QCP: This week, BTC retested the local high of $69,500 since July but failed to break through. It seems to be forming a consolidation pattern

QCP pointed out in its market analysis that the cryptocurrency market was relatively volatile this week. BTC retested the local high of $69,500 since July but failed to break through, eventually giving back gains and finding support at the $65,000 level. It now seems to be forming a consolidation pattern.

This week's net inflow into BTC ETF reached $997.7 million, marking the third consecutive week of net inflows, indicating strong institutional demand. Bitcoin's dominance continued to rise this week, reaching a high point of 59.75%. Conversely, ETH/BTC broke below its key support level of 0.03850 and fell by 5.85% to a new low of 0.03625. Analysts believe that as Bitcoin approaches its all-time highs, the trend towards increased Bitcoin dominance may continue in the short term.

Reports about alleged US government investigations into Tether caused USDT to briefly fall to a low point of 0.9965 before rebounding above 0.9980.Tether CEO Paolo Ardoino has so far denied these allegations; whether they are true remains to be seen as this is not Tether’s first time under such strict scrutiny.
In Middle East tensions continue escalating due Israel retaliating against missile attacks earlier this month.

On Friday,the Israeli retaliation and negative news related with USDT brought some selling pressure on markets.The Dow Jones Industrial Average (DJIA) and SP500 index fell by respectively .61%and .03%. Cryptocurrencies subsequently dropped with BTC momentarily falling down to $65500 before bouncing back above $67000.

As we approach end of this week focus now shifts onto non-farm employment data set for release next Friday which will provide further insights for Federal Reserve's next move.Currently there is a probability rate at95.%for November interest rates cut by25 basis points.Market does not expect any surprises.