TechFlow news, October 27 — According to QCP Capital's latest weekly report, Bitcoin failed to retake its July high of $69,500 and retreated to the $65,000 support level, where it is currently forming a consolidation pattern. Bitcoin ETFs recorded net inflows of $997.7 million this week, marking the third consecutive week of positive flows, underscoring sustained institutional demand.
Bitcoin’s market cap dominance rose to a weekly high of 59.75%. Meanwhile, the ETH/BTC ratio dropped 5.85% to 0.03625, breaking below the key support level of 0.0385. QCP analysis suggests that as Bitcoin approaches its all-time highs, its market dominance may continue rising in the near term.
In other developments, rumors that Tether was under investigation by the U.S. government triggered temporary volatility in USDT’s price, which briefly dipped to $0.9965 before recovering above $0.998. Tether CEO Paolo Ardoino has denied the reports, though this isn't the first time Tether has faced such regulatory scrutiny.
On the macro front, Israel’s retaliatory strikes against Iran, combined with the USDT incident, contributed to declines in traditional markets—Dow Jones and S&P 500 fell 0.61% and 0.03%, respectively—prompting a pullback in crypto markets, with Bitcoin briefly dropping to $65,500. Market attention now turns to next Friday’s non-farm payroll data, which will provide key insight into the Federal Reserve’s future policy path. Current market pricing implies a 95.1% probability of a 25-basis-point rate cut by the Fed in November.
