Fundamental view:

Bitcoin price had a mixed trend against the dollar this week, but however it somewhat managed to set up a higher high, which signaled a bullish development. But the later half of the week has been unfavorable for BTC as BTC continues to decline in search of a foothold.

The world’s biggest interdealer broker TP ICAP announced plans to launch a crypto trading platform for institutional investors. The platform is under development with the help of Fidelity and Zodia Custody. This news favored the flagship cryptocurrency.

The institutional capital continues to flow into the cryptocurrency industry but China’s clampdown has forced miners to move to countries with friendlier regulations. This impacted the BTC negatively.

The major economic events deciding the movement of the pair in the next week are ISM Non-Manufacturing PMI at July 06, FOMC Minutes at July 07, Initial Jobless Claims, EIA Crude Oil Stocks Change at July 08 and Wholesale Inventories monthly report at July 09 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 2.08% higher than the previous week. Maintaining high at 36541.6 and low at 32299.5 showed a movement of 4242 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 31665.0 may open a clean path towards 29861.2 and may take a way down to 27422.9. Should 35907.1 prove to be unreliable resistance, the BTCUSD may raise upwards 38345.4 and 40149.2 respectively. In H4 chart rounding top pattern favors prospects of a bearish trend. Bearish engulfing pattern constructs a Bearish outlook for the pair in the upcoming week.