Crypto even As stated in the statement made by analysis firm QCP Capital, there were significant fluctuations in the cryptocurrency market last week.
Bitcoin (BTC)It retested the local high of $69,500, which had not been reached since July, but failed to break, sparking a pullback.
According to cryptocurrency analysis firm QCP Capital, BTC has found support at $65,000 and is currently forming a consolidation pattern.
Despite the volatility, QCP Capital noted continued interest from institutional investors. Bitcoin spot ETF net inflows reached $997.7 million this week, marking the third consecutive week of positive flows. This trend is seen as a clear indicator of increasing institutional demand for exposure to Bitcoin.
Bitcoin’s market dominance climbed to a high of 59.75% last week, indicating stronger market confidence in the largest cryptocurrency. In contrast, Ethereum (ETH) struggled against Bitcoin and ETH/BTC broke the key support at 0.03850 to hit a new low of 0.03625, a decline of 5.85%. QCP Capital believes Bitcoin’s ascendant dominance will continue as it approaches its all-time high (ATH).
The week also saw turbulence for Tether stablecoin (USDT) following news of an alleged US government investigation. The news caused a sudden drop in the value of USDT, with USDT falling as low as $0.9965 before rebounding above $0.9980. Tether’s CEO Paolo Ardoino denied these allegations.
Geopolitical developments increased market anxiety as Israel launched retaliatory strikes against Iran in response to previous missile attacks. Increasing tension in the Middle East, combined with uncertainty regarding Tether, contributed to selling pressure in both traditional and digital markets. Bitcoin briefly fell to $65,500 amid the broader market pullback, while the Dow Jones Industrial Average (DJIA) and S&P 500 fell 0.61% and 0.03%, respectively.
Non-farm employment data to be released next week may provide critical information about the FED’s policy direction. Current market expectations place the probability of a 25 basis point rate cut in November at 95.1%, indicating a high degree of confidence that the Fed will maintain its dovish stance.
*This is not investment advice.
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Source: https://www.bitcoinsistemi.com/analiz-sirketi-hafta-sonu-guncellemesini-yayinladi-bitcoin-ve-kripto-paralarda-yeni-haftada-ne-bekliyorlar/