Fundamental view:

Fed Chair Powell Testifies of the last week at 30th June 2020, Unemployment rate and President Trump Speaks at 2nd July 2020 acted as a catalyst for the uptrend move for dollar and boosted bearish move for the pair in the last week.

The major economic events deciding the movement of the pair in the next week are ISM Non-Manufacturing PMI at Jul 06, IBD/TIPP Economic Optimism at Jul 07, Consumer Credit monthly report at Jul 08, Unemployment Claims at Jul 09, and Core Producer Price Index (PPI) monthly report at Jul 10 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 4.9% higher than the previous week. Maintaining high at 9282.6 and low at 8927.9 showed a movement of 354 pips.

In the upcoming week we expect BTC/USD to show a bearish trend.  A solid breakout below 8906.9 may open a clean path towards 8740.1 and may take a way down to 8552.2. Should 9261.6 prove to be unreliable resistance, the USDJPY may raise upwards 9449.5 and 9616.3 respectively. In H4 chart, formation of bearish wedge and 3 black crows constructs a bearish outlook for the pair in the upcoming week.