QCP Capital: Bitcoin finds support at $65,000, its dominance is expected to continue rising

On October 27, QCP Capital released a weekly briefing on its official channel, stating that the cryptocurrency market was relatively volatile this week. BTC once again tested the July high of $69,500 but failed to break through and eventually gave back its gains, finding support at $65,000 and now seems to be bottoming out. The Bitcoin ETF had a net inflow of $997.7 million this week, marking the third consecutive week of net inflows indicating strong institutional demand.

This week, Bitcoin's dominance continued to rise reaching a new high of 59.75%. Conversely, the ETHBTC exchange rate broke below key support at 0.03850 and slid down by 5.85% to a low point of 0.03625. We believe that as Bitcoin approaches its ATH level in short term it may continue to increase its dominance.

Reports alleging that Tether is under investigation by US government led to significant drop in price for USDT stablecoin which fell as low as $0.9965 before rebounding above $0.9980 for this week so far; Tether CEO Paolo Ardoino has denied these allegations with confirmation still pending since this isn't first time Tether has faced such scrutiny.

In Middle East tensions continue escalating due Israel launching retaliatory strikes against Iran following missile attacks earlier month; Dow Jones Industrial Average SP 500 Index respectively dropped by .61% .03%; cryptocurrencies subsequently fell with bitcoin briefly dropping down towards $65k mark.

As we approach end of current week focus now shifts towards non-farm payroll data set release next Friday which will provide further insight into Federal Reserve's next steps; currently there's a probability of November interest rates being cut by 25 basis points standing at an estimated likelihood around 95%, markets are not expecting any surprises.