Fundamental view:

Bitcoin has made an end to its downtrend as it bottomed on June 8 which indicated that a reversal was due. A bill has also passed to make BTC a legal tender in El Salvador on June 9. This created a historic win for the flagship cryptocurrency, which has come a long way. China was tightening the noose around Bitcoin miners’ necks as there were reports that Qinghai Province issued a document that calls for a ban on mining cryptocurrencies.

The major economic events deciding the movement of the pair in the next week are Retail Sales monthly report, Fed Industrial Production yearly report at Jun 15, EIA Crude Oil Stocks Change, Fed Interest Rate Decision at Jun 16, Philadelphia Fed Manufacturing Index, Initial Jobless Claims at Jun 17 and Baker Hughes US Total Rig Count at Jun 18 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 2.52% lower than the previous week. Maintaining high at 38384.2 and low at 30909.3 showed a movement of 7474 pips.

In the upcoming week we expect BTC/USD to show a bearish trend. The Instrument is trading below the 200 Simple Moving Average and the MACD trades to the downside. A solid breakout below 31607.4 may open a clean path towards 27520.9 and may take a way down to 24132.5. Should 39082.3 prove to be unreliable resistance, the BTCUSD may raise upwards 42470.7 and 46557.2 respectively. In H4 chart symmetrical triangle pattern breakout favors prospects of a bearish trend. Bearish harami pattern constructs a bearish outlook for the pair in the upcoming week.