Fundamental view:

Bitcoin price hits a new all-time high reaching a level of 64800. Coinbase direct listing is the most important development for the crypto currency. US-based cryptocurrency exchange Coinbase went public on Wednesday under the ticker COIN. Despite the significant price slump, institutional investors are already taking advantage of the downswing to buy the shares at a discount.  Institutions have gone from criticizing Bitcoin to scooping up almost 1.00% of BTC’s total supply. Tesla and Galaxy Digital Holdings lead the pack with over 155,981 BTC in their portfolios. Moreover, insurance giant AXA Switzerland revealed on Thursday that it would follow Tesla’s steps and allow its customers to pay premiums in BTC.

Canada approves two Ethereum Etfs in one day. The approval comes just over two months after Canada approved its first bitcoin ETF.

The major economic events deciding the movement of the pair in the next week are EIA Crude Oil Stocks Change at April 21, Initial Jobless Claims, EIA Natural Gas Storage Change at April 22, Markit Manufacturing PMI and New Home Sales at April 23 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 5.55% higher than the previous week. Maintaining high at 64810.5 and low at 59240.9 showed a movement of 5570 pips.

In the upcoming week we expect BTC/USD to show a bearish trend. The Instrument is trading above the 200 Simple Moving Average and the MACD trades to the downside. A solid breakout below 59400.2 may open a clean path towards 56535.7 and may take a way down to 53830.6. Should 64969.8 prove to be unreliable resistance, the BTCUSD may raise upwards 67674.9 and 70539.4 respectively. In H4 chart inverted cup and handle pattern formation favors prospects of a bearish trend. Bearish engulfing pattern constructs a bearish outlook for the pair in the upcoming week.