Fundamental view:

Bitcoin showed a mixed trend in the last week. The most significant development surrounding Bitcoin over the past week was the introduction of Bitcoin, Ether and Cryptocurrency MegaCap indexes by S&P Dow Jones Indices. Bitcoin and Ethereum may be the first cryptocurrencies to get their indexes listed in the traditional form, the firm’s global head of innovation, Peter Roffman, mentioned that other digital assets meeting their criteria would follow.

Despite the growing interest for Bitcoin among institutional investors, its price has remained stagnant. The inability of buyers to push it further up has caused the bears to take partial control. Overall bitcoin has showed a small bull this week.

The major economic events deciding the movement of the pair in the next week are JOLTS Job Openings at May 11, Core CPI monthly report, EIA Crude Oil Stocks Change at May 12, Initial Jobless Claims at May 13, Retail Sales monthly report and Fed Industrial Production yearly report at May 14 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 0.83% higher than the previous week. Maintaining high at 58907.3 and low at 52801.0 showed a movement of 6106 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 60033.9 may open a clean path towards 62523.7 and may take a way up to 66140.2. Should 53927.6 prove to be unreliable support, the BTCUSD may sink downwards 50311.1 and 47821.3 respectively. In H4 chart bullish shark pattern formation favors prospects of a bullish trend. Bullish harami pattern constructs a bullish outlook for the pair in the upcoming week.