Bitcoin Faces Hurdles Despite Growing Institutional Demand, Says QCP Capital

QCP Capital analysts note that Bitcoin is consolidating, maintaining strong institutional demand as it hovers around $65,000 after an attempt to breach $69,500.

Bitcoin’s dominance rose to 59.75%, attracting almost $1 billion in net inflows, while Ethereum lost ground against BTC, underscoring market focus on Bitcoin. Tether saw a brief dip amid rumored U.S. investigations, heightening market tension alongside ongoing Middle Eastern conflicts.

QCP emphasizes monitoring upcoming U.S. payroll data, which may influence Federal Reserve rate decisions, and suggests investors consider Bitcoin at current levels before a potential breakout.

Clever Robot News Desk 28^th October 2024