Fundamental view:

Bitcoin remains bullish against the greenback in this week. 21st Paradigm co-founder Dylan LeClair said that on-chain data shows “big transfer volumes from over-the-counter (OTC) desks over the last week.” whereas US central bank left its monetary policy unchanged which was expected and the economy continued to progress but noted that “substantial further progress” toward the Fed’s goal of stable prices and maximum employment has not yet been achieved. “We are not there yet,” said Chairman Jerome Powell while asked him after the speech. This was the major reason behind the broad US weakness.

In the past week, Binance – the largest crypto-exchange by turnover – has stopped offering futures and derivative products in Germany, Italy and the Netherlands with immediate effect. This is the latest in a string of recent business closures from Binance who remain under heavy scrutiny from a range of regulators. As of June 30, 2021, the carrying value of our digital assets held was $1.31 billion, which reflects cumulative impairments of $50 million. The fair market value of such digital assets held as of June 30, 2021 was $1.47 billion. Elon Musk has commented on how many BTCs his electric company car has. He told “As of June 30, 2021, the carrying value of our digital assets held was $1.31 billion, which reflects cumulative impairments of $50 million. The fair market value of such digital assets held as of June 30, 2021 was $1.47 billion.” Amidst Us dollar weakness BTC traded high this week.

The major economic events deciding the movement of the pair in the next week are ISM Manufacturing PMI at Aug 02, ADP Nonfarm Employment Change, ISM Non-Manufacturing PMI, EIA Crude Oil Stocks Change at Aug 04, Initial Jobless Claims at Aug 05 and Nonfarm Payrolls at Aug 06 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 21.87% higher than the previous week. Maintaining high at 42355.7 and low at 34365.2 showed a movement of 7990 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 44689.0 may open a clean path towards 47517.6 and may take a way up to 52679.5. Should 36698.5 prove to be unreliable support, the BTCUSD may sink downwards 31536.6 and 28708.0 respectively. In H4 chart flag pattern formation favors prospects of a bullish trend. Bullish engulfing pattern constructs a bullish outlook for the pair in the upcoming week.