Fundamental view:

Bitcoin price is deep under $60000 as it had a hard fall this week. Bearish trend was framed by the two negative events happened in the past few days. On Nov. 12, the United States Securities and Exchange Commission (SEC) denied VanEck’s spot Bitcoin ETF request, Upon the rejection the Bitcoin saw a dip but most important than the rejection was the rationale behind the rejection. The SEC directly mentioned their uncertainties about Tether’s (USDT) stablecoin and the incapacity to deter fraud and market manipulation in Bitcoin trading.

On Nov 15, US lawmakers introduced a bipartisan bill that seeks to modify a cryptocurrency tax provision in President Joe Biden’s newly passed infrastructure deal. The bill is intended to modify a section of the law that amends the Internal Revenue. Biden’s infrastructure deal would require anyone who receives more than $10,000 in digital assets to report their personal information to the Internal Revenue Service. This will be mandated in 2024.

On the other hand, Adoption of the Bitcoin seem to favor it, Increased adoption has been reflected in the move by the Winklevoss twins, Cameron and Tyler Winklevoss to raise $400 million in an equity growth funding round led by Morgan Creek Digital. The round had participants like 10T, ParaFi, Newflow Partners, Marcy Venture Partners and more puts the Gemini exchange at a valuation of $7.1 billion. Elsewhere, based on the adoption theme, a recent BankofAmerica (BoA)survey revealed that one in four analysts believe that Bitcoin price will hit $75,000 in 12 months. 20% of the survey respondents noted that BTC is likely to remain relatively stable between $50,000 and $75,000. On contrary, the rest noted that the king crypto was in for a steep correction to anywhere between $25,000 and $50,000.

The major economic events deciding the movement of the pair in the next week are US Markit Manufacturing PMI at Nov 23, US GDP quarterly report, US Core Durable Goods Orders monthly report, US Initial Jobless Claims, EIA Crude Oil Stocks Change, Michigan Consumer Sentiment and FOMC Minutes at Nov 24 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 4.00% lower than the previous week. Maintaining high at 66336.5 and low at 55613.5 showed a movement of 10723 pips.

In the upcoming week we expect BTC/USD to show a bearish trend. The Instrument is trading below the 200 Simple Moving Average and the MACD trades to the downside. Breakout below 54155.8 may make a fall to 49523.2 and open a way down to 43432.8. Should 64878.8 prove to be unreliable resistance, the BTCUSD may raise upwards 70969.2 and 75601.8 respectively. In H4 chart bearish rectangle pattern breakout favors prospects of a bearish trend. Further shooting star pattern constructs a bearish outlook for the pair in the upcoming week.