Fundamental view:

In the last week, USD cyclical downturn reinforces Bitcoin rally. Goldman Sachs’ strategists say that U.S. dollar is at risk of losing its status as the world’s reserve currency. Other factors that affect the greenback are the increased political uncertainty and growing concerns of another corona virus infection spike created a favourable environment for Bitcoin. Thus last week showed a bullish move.

The major economic events deciding the movement of the pair in the next week are ISM Manufacturing PMI at Aug 03, ISM Non-Manufacturing PMI, Crude Oil Inventories at Aug 05, Unemployment Claims at Aug 06, Average Hourly Earnings monthly report, and Unemployment Rate at Aug 07 for US.

 BTC/USD Weekly outlook:

Technical View:

Last week’s high was 15.58% higher than the previous week. Maintaining high at 11746.1 and low at 9847.2 showed a movement of 1593 pips.

In the upcoming week we expect BTC/USD to show a bearish trend.  The Instrument is trading above the 200 Simple Moving Average and the MACD trades to the downside. A solid breakout below 10301.5 may open a clean path towards 9277.8 and may take a way down to 8708.5. Should 11894.5 prove to be unreliable resistance, the BTCUSD may raise upwards 12463.8 and 13487.5 respectively. In H4 chart, formation of Bearish Butterfly and Spinning top constructs a bearish outlook for the pair in the upcoming week.