Fundamental view:

Bitcoin (BTC) fell below $10,000 in the last week. The largest cryptocurrency had attempted to reclaim $10,500 on last Thursday, before capitulating to lose five figures for the first time since late July. The move down comes amid renewed bullish signs in the U.S. dollar currency index (DXY), with which Bitcoin had shown increasing inverse correlation in August.

The major economic events deciding the movement of the pair in the next week are IBD/TIPP Economic Optimism at Sep 08, Unemployment Claims, Crude Oil Inventories, Final Wholesale Inventories monthly report at Sep 10, and Core CPI monthly report at Sep 11 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 1.99% higher than the previous week. Maintaining high at 12040.5 and low at 9861.5 showed a movement of 2179 pips.

In the upcoming week we expect BTC/USD to show a bullish trend. The Instrument is trading above the 200 Simple Moving Average and the MACD trades to the upside. A solid breakout above 11719.2 may open a clean path towards 12969.4 and may take a way up to 13898.2. Should 9540.2 prove to be unreliable support, the BTCUSD may sink downwards 8611.4 and 7361.2 respectively. In H4 chart descending broadening wedge breakout favors prospects of a bullish trend. Hammer pattern constructs a bullish outlook for the pair in the upcoming week.