QCP Capital, a cryptocurrency analysis company, has released its weekend update, providing insights into the recent fluctuations in the cryptocurrency market and what to expect in the new week.
Last week, Bitcoin (BTC) saw significant price movements, reaching a local high of $69,500, a level not seen since July. However, it failed to break through and experienced a pullback. BTC found support at $65,000 and is currently forming a consolidation pattern, according to QCP Capital.
Despite the volatility, institutional investors continued to show interest in Bitcoin. Inflows into Bitcoin spot ETFs reached $997.7 million, marking the third consecutive week of positive flows. This indicates a growing institutional demand for exposure to Bitcoin.
Bitcoin’s dominance in the market also increased, reaching a high of 59.75% last week. This suggests a stronger market confidence in the leading cryptocurrency. On the other hand, Ethereum (ETH) struggled against Bitcoin, with the ETH/BTC pair breaking a key support level and falling to a new low. QCP Capital believes that Bitcoin’s dominance will continue to rise as it approaches its new all-time high.
The week also saw turmoil for the Tether stablecoin (USDT) due to news of a potential investigation by the US government. This caused a sudden drop in the value of USDT, but it later recovered. Geopolitical developments, such as the tensions between Israel and Iran, added to market anxiety and contributed to selling pressure in both traditional and digital markets.
Next week, the nonfarm payrolls data could provide critical insight into the Federal Reserve’s policy direction. Current market expectations suggest a high chance of a rate cut in November, indicating a belief that the Fed will remain dovish.
It’s important to note that this information is not investment advice. For those interested in investing in cryptocurrencies, Binance exchange offers a 20% commission discount for registering through the provided link. Follow QCP Capital on Telegram and Twitter for exclusive news, analytics, and on-chain data.
