Fundamental view:

USD ISM Non-Manufacturing PMI at 6^th July and US Unemployment Claims at 9^th July favored USD and created bearish trend for the pair whereas as IBD/TIPP Economic Optimism at 7^th July and US Crude Oil Inventories at 8^th July acted as a catalyst for the downtrend move for dollar and boosted Bullish move for the pair in the last week. Amid the negative sentiment for USD last week, BTC/USD portrayed a bullish trend in past week.

The major economic events deciding the movement of the pair in the next week are USD Core Consumer Price Index (CPI) at Jul 14, Crude Oil Inventories, USD Treasury Currency Report at Jul 15, Philly Fed Manufacturing Index, Unemployment Claims at Jul 16, USD Prelim UoM Consumer Sentiment at Jul 17.

Bitcoin was pinched saying that it is still forty percent lower than its 2019 high of $12,943 creates a negative sentiment for Bitcoin.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 18.3% higher than the previous week. Maintaining high at 9452.5 and low at 8896.3 showed a movement of 556 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 8924.8 may open a clean path towards 8632.4 and may take a way down to 8368.6. Should 9481.0 prove to be unreliable resistance, the BTCUSD may raise upwards 9744.8 and 10037.02 respectively. In H4 chart, formation of rising wedge and Bearish Harami constructs a bearish outlook for the pair in the upcoming week.