Fundamental view:

The recent update that Chinese and Russian effort to change the global reserve currency and the fact that Federal Budget deficit prints new record amount pressurizes the Safe haven asset whereas The U.S. Office of the Comptroller of the Currency (OCC) has opened the door for federal savings associations and national savings banks to hold crypto currencies on behalf of their customers, this news brings positive sentiments for BTC.

The spike of covid 19 along with many other catalysts creates downtrend for USD. GBP/USD showed a bullish trend.

The major economic events deciding the movement of the pair in the next week are Durable Goods Orders monthly report at Jul 27, CB Consumer Confidence at Jul 28, FOMC Press Conference at Jul 29, Advance GDP quarterly report, Unemployment Claims at Jul 30, Revised UoM Consumer Sentiment at Jul 31 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 3.66% higher than the previous week. Maintaining high at 9661.2 and low at 9114.5 showed a movement of 546 pips.

In the upcoming week we expect BTC/USD to show a bullish trend.  The currency pair is trading above the 100 Simple Moving Average and the MACD trades to the upside. A solid breakout above 9771.4 may open a clean path towards 9989.6 and may take a way up to 10318.1. Should 9224.7 prove to be unreliable support, the BTCUSD may sink downwards 8896.2 and 8678 respectively. In H4 chart, formation of bullish wedge and Inverted hammer constructs a bullish outlook for the pair in the upcoming week.