Fundamental view:

Bitcoin gained against the greenback in this week. Bitcoin price took off as rumors of an ETF approval gained momentum. On October 21, ProShares’ Bitcoin futures ETF (BITO) was debuted on the NYSE. While the regulators had delayed the approval since 2017, things have started to improve considerably in 2021, from real institutional adoption to approval of Bitcoin ETF, albeit one that is based on futures. After its successful debut, the trading volume of the product made a hit of $1 billion. If this was not enough, the second day also saw it reach to $1 billion, indicating the high level of demand from interested investors. Valkyrie Investments’ Bitcoin Strategy ETF, another futures-focused product, went live on the Nasdaq under the ticker BTF on Friday. The ETF’s share price tracked bitcoin lower during its first day of trading, down about 4% and closing at $24.30.

While the ETF craze may fade, another update comes in, Walmart is partnering with Coinstar and CoinMe to install Bitcoin ATMs across the country. The kiosks that allow users to buy Bitcoin are growing rapidly due to the recent run-up from $20,000 to $64,000. Walmart’s decision could be in preparation for the start of a new leg-up. Although the company did not provide any timeline for completing the kiosks, it added that it has plans to push the number to 8,000.

The major economic events deciding the movement of the pair in the next week are CB Consumer Confidence Index at Oct 26, Core Durable Goods Orders monthly report, EIA Crude Oil Stocks Change at Oct 27, GDP quarterly report, Initial Jobless Claims at Oct 28 and Michigan Consumer Sentiment at Oct 29 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 6.21% higher than the previous week. Maintaining high at 66983.9 and low at 59924.4 showed a movement of 7059 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 downside. A solid breakout above 65400.5 may open a clean path towards 69721.9 and may take a way up to 72460.0. Should 58341.0 prove to be unreliable support, the BTCUSD may sink downwards 55602.9 and 51281.5 respectively. In H4 chart, if breakout of the Symmetrical triangle is to the upside then bullish expectation is favored. Also to be noted harami formation exerts the expectation of uptrend for the pair.