Fundamental view:

Bitcoin within the dominant bullish trend and resume the upside move after a short-period of range-bound trading in the beginning of the week. Bitcoin’s on-chain stats continued to improve as the price increased.  

Bitcoin often referred to as digital gold, attracts investors’ attention due to its anti-inflationary features and a decentralized nature, which makes it immune to the interventions of the global monetary authorities. Basically, may traditional players consider adding BTC to their investment portfolios to hedge inflation risks.

The major economic events deciding the movement of the pair in the next week are Core PPI monthly report at Aug 11, Crude Oil Inventories, Core CPI monthly report at Aug 12, Unemployment Claims at Aug 13, Core Retail Sales monthly report at Aug 14 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 5.93% than the previous week. Maintaining high at 12118.2 and low at 10483.2 showed a movement of 1635 pips.

In the upcoming week we expect BTC/USD to show a bullish trend.  The Instrument is trading is trading above the 100 Simple Moving Average and the MACD trades to the upside. A solid breakout below 12286.5 may open a clean path towards 13019.8 and may take a way down to 13921.5. Should 10651.5 prove to be unreliable resistance, the BTCUSD may sink downwards 9749.8 and 9016.5 respectively. In H4 chart, formation of double bottom and Bullish engulfing pattern constructs a bullish outlook for the pair in the upcoming week.