Fundamental view:

Bitcoin showed a downtrend in this week but in the upcoming week, an uptrend might follow up. Bank of America, the second-largest bank in the U.S., has approved the trading of bitcoin (BTC, +0.06%) futures for some clients, according to two people with knowledge of the matter who spoke on condition of anonymity. PayPal, a significant financial sector player that offers BTC, increased its weekly purchase limit from $20,000 to $100,000. The decision comes after a massive slump in the big crypto’s performance, which hints that the demand for Bitcoin is on the rise.

Grayscale, a popular digital asset investment management company, announced on July 13 that it selected BNY Mellon as a servicing provider for its single asset product – Grayscale Bitcoin Trust. Amidst all this, Bitcoin is expected to rise.

The major economic events deciding the movement of the pair in the next week are Building Permits at July 20, EIA Crude Oil Stocks Change at July 21, Initial Jobless Claims, CB Leading Economic Index monthly report at July 22 and Markit Manufacturing PMI at July 23 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 3.62% lower than the previous week. Maintaining high at 34595.0 and low at 30952.5 showed a movement of 3642 pips.

In the upcoming week we expect BTC/USD to show a bullish trend. The Instrument is trading below the 200 Simple Moving Average and the MACD trades to the upside. A solid breakout above 33569.1 may open a clean path towards 35903.3 and may take a way up to 37211.6. Should 29926.6 prove to be unreliable support, the BTCUSD may sink downwards 28618.3 and 26284.1 respectively. In H4 chart bullish shark pattern favors prospects of a bullish trend. Hammer pattern constructs a bullish outlook for the pair in the upcoming week.