Fundamental view:

The price of bitcoin has hit an all-time high again Friday, pushing its market capitalization above $1 trillion. After a 160% increase over the past 3 months, the open interest on Bitcoin (BTC) options reached a new record-high at $12 billion. While this number might seem unusually high, it makes sense that the figure would increase as Bitcoin’s market capitalization surpassed $1 trillion. 

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset helped the cryptocurrency to new highs.

The first major payment application that started to support Bitcoin, PayPal, will roll out its crypto business into the UK market, thanks to the Venmo application. The platform plans to roll out the new service later this year, probably in the first half. The good news doesn’t stop there as RBC Capital Markets, a global investment bank, has suggested Apple to support cryptocurrencies on its Wallet app, which would allow the company’s stock to surge by another 25%. 

The major economic events deciding the movement of the pair in the next week are Fed Governor Bowman Speech at Feb 22, Fed Chair Powell Testimony, CB Consumer Confidence Index at Feb 23, Fed Chair Powell Testimony, EIA Crude Oil Stocks Change at Feb 24, GDP quarterly report, Core Durable Goods Orders monthly report, and Initial Jobless Claims at Feb 25 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 12.18% higher than the previous week. Maintaining high at 56566.1 and low at 45562.7 showed a movement of 11004 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 60049.3 may open a clean path towards 63809.4 and may take a way up to 71052.7. Should 49045.8 prove to be unreliable support, the BTCUSD may sink downwards 41802.5 and 38042.4 respectively. In H4 chart Symmetrical triangle breakout favors prospects of a bullish trend. Bullish hammer pattern constructs a bullish outlook for the pair in the upcoming week.