Fundamental view:

Bitcoin fell against greenback in the past week. Bitcoin is trading more than $10,000 per coin less than the current high, after according to one crypto analyst, the “bid” side of market has disappeared, exposing the cryptocurrency’s current weakness.

The lack of buying currently could be due to what another analyst calls a jittering macro environment, referencing the stock and bond markets that have seen volatility as of late.  Here’s what else is going on in both traditional and crypto markets that could have investors waiting to pull the trigger currently.

The major economic events deciding the movement of the pair in the next week are ISM Manufacturing PMI at Mar 01, Fed Governor Brainard Speech at Mar 02, ADP Nonfarm Employment Change, ISM Non-Manufacturing PMI at Mar 03, Initial Jobless Claims, Fed Chair Powell Speech at Mar 04, and Nonfarm Payrolls at Mar 05 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 1.26% lower than the previous week. Maintaining high at 57578.6 and low at 44043.7 showed a movement of 13535 pips.

In the upcoming week we expect BTC/USD to show a bearish trend. The Instrument is trading below the 100 Simple Moving Average and the MACD trades to the downside. A solid breakout below 41961.8 may open a clean path towards 36235.4 and may take a way down to 28427.0. Should 55496.7 prove to be unreliable resistance, the BTCUSD may raise upwards 63305.1 and 69031.5 respectively. In H4 chart symmetrical Triangle breakout favors prospects of a bearish trend. Bearish engulfing pattern constructs a bearish outlook for the pair in the upcoming week.