Fundamental view:

Bitcoin rallied against the US dollar during the trading course of the week and ended trading above $50000 for the first time since Dec. 13. Positive economic data and calming fears about the new variant led to the increased demand for the riskier asset and fueled the bullish trend for BTC this week. For the past months, fears of the rapid spread of the Omicron variant, regulatory concerns and rising inflation worries have weighed on the industry which allowed bears to dominate the systemic, prominent trend.  But now the upbeat market sentiment shift favored the Bitcoin bulls.

Elsewhere, Microstrategy CEO Michael Saylor talked about his bitcoin strategy and BTC price prediction in a recent interview with the Information, published this week. Saylor revealed that he personally owns at least 17,732 bitcoins, which is the same amount he disclosed back in October last year. At the current BTC price, his bitcoin stash is worth almost $858 million. Saylor foresees bitcoin hitting $600,000 a coin, and eventually $6 million. This comment also turned to be favorable for the King Crypto – Bitcoin.

The major economic events deciding the movement of the pair in the next week are S&P/CS HPI Composite-20 yearly report at Dec 28, EIA Crude Oil Stocks Change, Pending Home Sales monthly report at Dec 29, Initial Jobless Claims and MNI Chicago Business Barometer at Dec 30 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 2.9% higher than the previous week. Maintaining high at 51856.9 and low at 45569.6 showed a movement of 6287 pips.

In the upcoming week we expect BTC/USD to show a bullish trend. The Instrument is trading above the 100 Simple Moving Average and the MACD trades to the upside. A solid breakout above 53310.3 may open a clean path towards 55727.3 and may take a way up to 59597.6. Should 47023.0 prove to be unreliable support, the BTCUSD may sink downwards 43152.7 and 40735.7 respectively. In H4 chart W-Pattern breakout favors prospects of a bullish trend. Hammer pattern constructs a bullish outlook for the pair in the upcoming week.