Fundamental view:

Bitcoin price has been on a slow downtrend last few days and this week also it has fell against the greenback. After the Chinese miners are under siege, the so-called ‘war on crypto’ has expanded to other regions. In Europe, one of the largest cryptocurrency exchanges in the world Binance has paused bank deposits due to “events beyond [its] control.” UK’s Financial Conduct Authority (FCA) issued warnings to Binance for offering complex cryptocurrency financial instruments to British citizens without obtaining a license to conduct regulated activity.

Whereas New York State Senator Rachel May submitted a bill on July 2 to require the state public officers to disclose their cryptocurrency holdings on the annual statement of financial disclosure.

The major economic events deciding the movement of the pair in the next week are WASDE Report at July 12, Federal Budget Balance at July 13, EIA Crude Oil Stocks Change, Fed Chair Powell Testimony at July 14, Philadelphia Fed Manufacturing Index, Initial Jobless Claims at July 15 and Retail sales monthly report at July 16 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 1.77% lower than the previous week. Maintaining high at 35894.9 and low at 32012.7 showed a movement of 3882 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 31850.3 may open a clean path towards 29990.4 and may take a way down to 27968.1. Should 35732.5 prove to be unreliable resistance, the BTCUSD may raise upwards 37754.8 and 39614.7 respectively. In H4 chart bearish gartley pattern formation favors prospects of a bearish trend. Bearish harami pattern constructs a bearish outlook for the pair in the upcoming week.