Fundamental view:

Bitcoin showed strength against the greenback in this week. In a conference, Elon Musk, Jack Dorsey and Cathie Wood discussed Bitcoin and its future. In the panel that aimed to “demystify and destigmatize” the mainstream narrative of the big crypto, Tesla CEO Elon Musk revealed that it would start accepting BTC payments. The CEO and founder of Ark Invest, Cathie Wood, agreed with Musk and added that Bitcoin would be more environmentally friendly than gold mining or the traditional financial sector.

Adding to the positivity, US-based Bitcoin mining company Core Scientific announced on July 21 that it was going public via a merger with Power & Digital Infrastructure Acquisition Corp, a Nasdaq-listed company. The recent developments point to a single fact that institutions cannot wait to get their hands on Bitcoin despite its latest slump and the recent recovery, indicating that their belief in the big crypto’s performance as a new asset class is absolute.

The major economic events deciding the movement of the pair in the next week are Core Durable Goods Orders monthly report, CB Consumer Confidence Index at July 27, EIA Crude Oil Stocks Change, Fed Interest Rate Decision at July 28, GDP quarterly report, Initial Jobless Claims at July 29 and Michigan Consumer Sentiment at July 30 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 2.53% lower than the previous week. Maintaining high at 33777.2 and low at 29281.0 showed a movement of 4496 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 35224.1 may open a clean path towards 36748.7 and may take a way up to 39720.3. Should 30727.9 prove to be unreliable support, the BTCUSD may sink downwards 27756.3 and 26231.7 respectively. In H4 chart symmetrical triangle pattern breakout upside favors prospects of a bullish trend. Bullish engulfing pattern constructs a bullish outlook for the pair in the upcoming week.