Fundamental view:

The recent update that Governments will issue their own digital currencies and regulatory future remaining difficult for digital coins made Bitcoin to lose its value against USD and The recent incident of twitter account hacking of high-profile accounts such as those of former president Barack Obama, Tesla CEO Elon Musk, Bill Gates, Warren Buffett, and even companies like Apple and Uber tweeting messages about Bitcoin donations also impacted the market. BTC/USD showed a bullish trend.

Recent news on crypto like chain link fraud and Bitcoin donations asked by hacked twitter accounts creates negative sentiment on Bitcoin and we expect a downtrend for BTC/USD ahead.

The major economic events deciding the movement of the pair in the next week are Existing Home Sales, Crude Oil Inventories at Jul 22, Unemployment Claims, CB Leading Index monthly report at Jul 23, US Flash Manufacturing PMI at Jul 24 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 1.4% lower than the previous week. Maintaining high at 9320.4 and low at 9013.4 showed a movement of 307 pips.

In the upcoming week we expect BTC/USD to show a bearish trend.  The Instrument is trading above the 100 Simple Moving Average and the MACD trades to the downside. A solid breakout below 8994.4 may open a clean path towards 8850.4 and may take a way down to 8687.4. Should 9301.4 prove to be unreliable resistance, then it may raise upwards 9464.4 and 9608.4 respectively.  In H4 chart, formation of Expanding Triangles and Bearish harami constructs a bearish outlook for the pair in the upcoming week.