Fundamental view:

This past week has been extremely beneficial for BTC and it jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship crypto currency to new highs. Earlier by this week on Monday, Tesla Inc, bought $1.5 billion worth of Bitcoin. Additionally, the electric-vehicle company also said it will start accepting Bitcoin as a payment option in the near future. 

The digital asset surpassed $900 billion in market capitalization for the first timer, close to $1 trillion. This fact seems to catch the eye of big institutions as on February 11, the oldest American bank. BNY Mellon announced a new service of Crypto Custody. The custodian bank holds around $41 trillion in assets and is moving into crypto.

The major economic events deciding the movement of the pair in the next week are Fed Governor Bowman Speech at Feb 16, Fed Industrial Production yearly report at Feb 17, Building Permits, Initial Jobless Claims, Philadelphia Fed Manufacturing Index at Feb 18, and FOMC Member Rosengren Speech at Feb 19 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 19.49% higher than the previous week. Maintaining high at 48922.3 and low at 37309.7 showed a movement of 11613 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 51826.8 may open a clean path towards 56180.8 and may take a way up to 63439.4. Should 40214.2 prove to be unreliable support, the BTCUSD may sink downwards 32955.6 and 28601.6 respectively.  In H4 chart Symmetrical triangle breakout favors prospects of a bullish trend. Bullish spinning top pattern constructs a bullish outlook for the pair in the upcoming week.