Fundamental view:

Bitcoin showed a uptrend against the greenback during the course of the week. Bitcoin adoption in 2021 has been increasing. From increased usage of BTC in El Salvador to rising BTC ATM installations and thus  the future for Bitcoin looks bright. The adoption began with retail sector already, institutions have also started taking a look at BTC. A note shared by JPMorgan to its clients on October 7 revealed that these institutions are looking at BTC as a hedge against inflation instead of gold. CryptoQuant CEO Ki Young Ju tweeted that an investor(s) purchased “$1.6B worth $BTC via market orders in just 5 minutes.”

Elsewhere, The Biden administration is weighing an executive order on cryptocurrencies as part of an effort to set up a government-wide approach to the white-hot asset class, according to people familiar with the matter. The proposed directive would charge federal agencies to study and offer recommendations on relevant areas of crypto touching on financial regulation, economic innovation and national security.

On the other hand, U.S. jobs rose by 194,000 in September, well below economists’ average estimate for a gain of 500,000 jobs, the Labor Department reported Friday. But the data was mixed, with August’s jobs number revised upward by 131,000.The combination may give the U.S. Federal Reserve more flexibility after Chair Jerome Powell signaled recently that the central bank looked to be on track to start tapering its $120 billion-a-month in bond purchases a form of monetary stimulus later this year. Amidst all the catalysts the Bitcoin posted gains against the US dollar.

The major economic events deciding the movement of the pair in the next week are JOLTS Job Openings at Oct 12, FOMC Minutes at Oct 13, Initial Jobless Claims, EIA Crude Oil Stocks Change at Oct 14 and Retail Sales monthly report at Oct 15 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 12.08 % higher than the previous week. Maintaining high at 55960.3 and low at 46918.7 showed a movement of 9042 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 57615.0 may open a clean path towards 61308.5 and may take a way up to 66656.6. Should 48573.4 prove to be unreliable support, the BTCUSD may sink downwards 43225.3 and 39531.8 respectively. In H4 chart ascending scallops pattern favors prospects of a bullish trend. Bullish harami pattern constructs a bullish outlook for the pair in the upcoming week.