Fundamental view:

In the past week, Bitcoin rallied against greenback. Investors are certainly looking to crypto as an asset class, but bitcoin is still quite volatile. Yet, crypto advocates see bitcoin and ether (ETH) similar to different asset classes, according to Joel Edgerton, chief operating officer of cryptocurrency exchange BitFlyer USA. “My guess is that BTC is like gold and priced by the value it stores, a scarce commodity in price discovery.” 

Crypto exchange Bitfinex claimed Friday it repaid the remaining balance of a $550 million loan to its sister firm, Tether, the issuer of the tether (USDT) stablecoin. Amidst all the catalysts bitcoin rallied against greenback.

The major economic events deciding the movement of the pair in the next week are JOLTS Job Openings at Feb 09, CPI monthly report, EIA Crude Oil Stocks Change, Federal Budget Balance at Feb 10 and Initial Jobless Claims at Feb 11 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 2.29% higher than the previous week. Maintaining high at 39441.1 and low at 32254.6 showed a movement of 7186 pips.

In the upcoming week we expect BTC/USD to show a bullish trend. The Instrument is trading above the 200 Simple Moving Average and the MACD trades to the upside. A solid breakout above 41299.9 may open a clean path towards 43963.7 and may take a way up to 48486.4. Should 34113.4 prove to be unreliable support, the BTCUSD may sink downwards 29590.7 and 26926.9 respectively. In H4 chart Cup and Handle pattern formation favors prospects of a bullish trend. Bullish engulfing pattern constructs a bullish outlook for the pair in the upcoming week.