Fundamental view:

Bitcoin has shown an uptrend against the greenback in the past week. Because of the Chinese laws around digital currency mining, the miner exodus had a major impact on the Bitcoin hash rate, miners, and the mining equipment producers. After weeks of migration to mining-friendly countries, Bitcoin miners had made a comeback.

The 9, a Shanghai-based mining firm, said on August 4 that its subsidiary NBTC Ltd. had partnered with Kazakhstani mining partner KazDigital to build a 100 megawatt mining facility by 2022.

Adding to it, HIVE Blockchain, a publicly-traded company, announced on August 3 that it placed orders for 4,000 machines from China’s mining equipment manufacturer Canaan. Amidst all this favorable news, bullish trend is reflected by Bitcoin.

The major economic events deciding the movement of the pair in the next week are JOLTS Job Openings at Aug 09, Nonfarm Productivity at Aug 10, EIA Crude Oil Stocks Change, Federal Budget Balance at Aug 11, Initial Jobless Claims, WASDE Report at Aug 12 and Michigan Consumer Sentiment at Aug 13 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 2.31% higher than the previous week. Maintaining high at 43334.9 and low at 37261.5 showed a movement of 6073 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 45276.0 may open a clean path towards 47342.1 and may take a way up to 51349.4. Should 39202.6 prove to be unreliable support, the BTCUSD may sink downwards 35195.3 and 33129.2 respectively. In H4 chart rounding bottom pattern favors prospects of a bullish trend. Bullish harami pattern constructs a bullish outlook for the pair in the upcoming week.