Fundamental view:

Bitcoin showed a uptrend against the greenback in this week. It cannot be forgotten that Bitcoin price took a massive hit on September 20 as the news of China banning cryptocurrencies spread like wildfire. The People’s Bank of China (PBOC) posted a circular that tightened the noose around mining and cracked down on the mining gray areas. The recent development is not the first time China has banned Bitcoin and other cryptocurrencies. In fact, there have been roughly 12 bans from the country over the past decade.

On the other hand, Unlike China, US seems to favor crypto market. Fed chair Jerome Powell was asked if he intended to ban or limit the use of cryptocurrencies, to which he replied that he had no intention of banning them. Chair Powell did say that it would be appropriate if stablecoins were regulated, comparing them to money market funds and bank deposits. Elsewhere Tesla CEO Elon Musk stated that the cryptocurrency space must be left alone during a recent interview. He also added,It is not possible to, “I think, destroy crypto, but it is possible for governments to slow down its advancement”. El Salvador, the country that made BTC legal tender, is making progress on this front. President Nayib Bukele has teased Bitcoin mining using volcanic geothermal energy. Amidst all this catalysts, Bitcoin sees an uptrend in this week.

The major economic events deciding the movement of the pair in the next week are OPEC Meeting at Oct 01, ISM Non-Manufacturing PMI at Oct 05, ADP Nonfarm Employment Change, EIA Crude Oil Stocks Change at Oct 06, Initial Jobless Claims at Oct 07 and Nonfarm Payrolls at Oct 08 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 1.77% higher than the previous week. Maintaining high at 48451.5 and low at 40783.9 showed a movement of 7668 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 firm breakout above 50600.2 may open a clean path towards 53359.7 and may take a way up to 58267.8. Should 42932.6 prove to be unreliable support, the BTCUSD may sink downwards 38024.5 and 35265.0 respectively. In H4 chart rounding bottom pattern favors prospects of a bullish trend. Bullish engulfing pattern constructs a bullish outlook for the pair in the upcoming week.