QCP Capital reports a notable increase in Bitcoin dominance, touching 59.75% for the week currently at 59.30% at the time of writing. This rise shows Bitcoin’s growing strength in the cryptocurrency market. In contrast, ETHBTC broke its key support level at 0.03850. It declined by 5.85%, reaching a new low of 0.03625. QCP predicts that Bitcoin’s dominance will continue to rise. BTC’s share of the crypto market cap is expected to increase as Bitcoin approaches its all-time high levels.

BTC Attempts to Break 69,500 High, Faces Resistance

It was a week of many fluctuations in the crypto market. Bitcoin tried to break through the local high of 69500, which has been reached in July. But it failed to move further up and pulled back, only to find support at the 65,000 level. At the moment it seems to be outlining a consolidation formation.

There is still a great institutional interest in Bitcoin. BTC ETF net inflows were of $997.7 million this week. This is the third successive week that there has been positive net inflows suggesting strong demand from institutional investors.

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Other related incidents in the same period include a revelation that the US government was probing into Tether. This news led to the decline of USDT to 0.9965 before it rose up again above 0.9980. Tether CEO, Paolo Ardoino has refuted to these allegations. Such scrutiny is not new for Tether and such practice can be potentially destabilizing for the markets.

Bitcoin Falls to $65,500 Amid Broader Market Declines

Even geopolitical factors are also affecting the markets in some manner or the other. Israel said to have carried out retaliatory attacks on Iran in response to recent missile attacks. It also led to selling pressure in all markets. The DJIA was down by 0.61% and the S&P 500 declined by 0.03%. It went down to $ 65,500 for these events.

With the week coming to an end, focus turns to the non-farm payroll figures. This report will give forecast on the activities of the Federal Reserve in the future. The current probabilities for a 25bp rate cut in November are at 95.1%. Market expectations remain stable with no significant change expected to occur. QCP will carry on observing these developments rigorously.