Fundamental view:

Bitcoin rallied against the greenback in the previous week.  The prices of Bitcoin look primed to advance further despite the ongoing consolidation phase.

The billionaire Peter Thiel questioned whether Bitcoin could be a “Chinese financial weapon” and urged the U.S. government to consider tighter regulations. China has managed to control for more than 65% of the Bitcoin network’s hashing power. Such high levels of concentration have been a focal point of concern for several years. Especially when considering that the U.S. hashrate share is nearly nine times smaller than that of China and most mining equipment manufacturers are headquartered in the Asian nation. 

The SEC published a public notice Friday announcing it would begin evaluating the WisdomTree Bitcoin Trust, which the ETF giant filed with Cboe BZX Exchange. WisdomTree first filed for this ETF last month, but has previously attempted to launch a regulated financial product with exposure to cryptocurrencies.

A bitcoin ETF would provide retail and institutional investors a chance to invest in a regulated financial product incorporating the world’s oldest cryptocurrency, without requiring them to invest in the crypto directly.

The major economic events deciding the movement of the pair in the next week are CPI monthly report at April 13, EIA Crude Oil Stocks Change, Fed Chair Powell Speech at April 14, Retail Sales monthly report, Initial Jobless Claims at April 15 and Building Permits at April 16 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 1.01% lower than the previous week. Maintaining high at 59403.1 and low at 55359.7 showed a movement of 4043 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 60079.9 may open a clean path towards 61793.2 and may take a way up to 64123.3. Should 56036.5 prove to be unreliable support, the BTCUSD may sink downwards 53676.4 and 51993.1 respectively. In H4 chart bullish ABCD pattern formation favors prospects of a bullish trend. Bullish harami pattern constructs a bullish outlook for the pair in the upcoming week.