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

QCP pointed out in its market analysis that the cryptocurrency market was relatively volatile this week. BTC retested its local high of $69,500 since July, but failed to break through, eventually giving up gains and finding support at the $65,000 level, and now seems to be forming a consolidation pattern. This week, BTC ETF net inflows reached $997.7 million, net inflows for the third consecutive week, indicating strong institutional demand. Bitcoin dominance continues to rise, reaching a high of 59.75% this week. In contrast, ETH/BTC fell below its key support level of 0.03850, falling 5.85% to a new low of 0.03625. Analysis believes that as Bitcoin approaches its historical high, the upward trend of Bitcoin dominance may continue in the short term. Reports that the US government is suspected of investigating Tether caused USDT to fall to a low of 0.9965 for a short time, and then recovered to above 0.9980. Tether CEO Paolo Ardoino has so far denied these claims, and it remains to be seen whether these allegations are true, as this is not the first time Tether has come under such scrutiny. In the Middle East, tensions continue to rise as Israel launched a retaliatory strike for a missile attack earlier this month. On Friday, Israel's retaliatory strike and negative news related to USDT brought some selling pressure to the market, with the Dow Jones Industrial Average (DJIA) and S&P 500 falling 0.61% and 0.03% respectively. Cryptocurrencies subsequently fell, with BTC briefly falling to $65,500 before recovering above $67,000. As the week draws to a close, the focus is now on the upcoming non-farm payrolls data next Friday, which will provide further insights into the Fed'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.