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

Odaily Planet Daily Report 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, and finally gave back the gains, finding support at the $65,000 level, and now seems to be forming a consolidation pattern. This week, the net inflow of BTC ETF reached $997.7 million, marking the third consecutive week of net inflow, indicating strong institutional demand. The dominance of BTC continued to rise, reaching a high of 59.75% this week. In contrast, ETH/BTC broke below its critical support of 0.03850, falling 5.85% to a new low of 0.03625. The analysis believes that as BTC approaches its historical high, the upward trend of BTC dominance may continue in the short term. Reports of the US government's alleged investigation of caused to briefly drop to a low of 0.9965, before rebounding above 0.9980. CEO Paolo Ardoino has so far denied these claims, and it remains to be seen whether the allegations are true, as this is not the first time has faced such intense scrutiny. In the Middle East, tensions continue to escalate, as Israel carried out retaliatory strikes in response to missile attacks earlier this month. On Friday, Israel's retaliatory strikes and negative news about put some selling pressure on the market, with the Dow Jones Industrial Average (DJIA) and S&P 500 Index falling 0.61% and 0.03% respectively. Cryptocurrencies subsequently declined, with BTC briefly dropping to $65,500 before rebounding above $67,000. As the week draws to a close, the focus is now on the upcoming non-farm payroll data release next Friday, which will provide further insights into the Federal Reserve's next move. Currently, the probability of a 25-basis-point rate cut in November is 95.1%, and the market does not expect any surprises.