Fundamental view:

Bitcoin traded higher despite greenback showing strength. Bitcoin received a major tailwind as FTX announced a $450,000 grant to Brink, a developer community, on August 13. Launched in 2020 with funding from big names in cryptocurrency markets like the Human Rights Foundation, Square Crypto and crypto exchange Gemini, Brink helps Bitcoin’s open-source developer community. This donation significantly boosted the Bitcoin.

According to a recent news, Bitcoin (BTC) is facing a “double bubble” and will see two price tops this year, fresh data suggests. In a tweet on Wednesday, Charles Edwards, CEO of investment firm Capriole, highlighted 2021 as having one key similarity to the 2013 double top bull cycle. Amidst all the catalysts bitcoin showed a uptrend.

The major economic events deciding the movement of the pair in the next week are Existing Home Sales at Aug 23, Core Durable Goods Orders monthly report, EIA Crude Oil Stocks Change at Aug 25, GDP quarterly report, Initial Jobless Claims at Aug 26 and Fed Chair Powell Speech at Aug 27 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 2.53% higher than the previous week. Maintaining high at 49380.2 and low at 43926.7 showed a movement of 5453 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 50940.9 may open a clean path towards 52887.3 and may take a way up to 56394.4. Should 45487.4 prove to be unreliable support, the BTCUSD may sink downwards 41980.3 and 40033.9 respectively. In H4 chart bullish butterfly pattern formation favors prospects of a bullish trend. Bullish engulfing pattern constructs a bullish outlook for the pair in the upcoming week.