Fundamental view:

Bitcoin has enjoyed a strong rally in the last week as macro trends have favored its growth. The rally comes as an increasing number of investors, both within crypto and out of crypto, have realized there is a growing fundamental value in owning Bitcoin.

Friday’s U.S. presidential debates may have their own effect on Bitcoin’s price action in the short term as a Democratic lead will be putting more selling pressure on the USD, which will inevitably reflect in a bullish price action in BTC/USD.

The major economic events deciding the movement of the pair in the next week are New Home Sales at Oct 26, Core Durable Goods Orders monthly report, CB Consumer Confidence Index at Oct 27, EIA Crude Oil Stocks Change at Oct 28, GDP quarterly report at Oct 29, and Core PCE Price Index yearly report at Oct 30 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 13.07% higher than the previous week. Maintaining high at 13230.1 and low at 11398.5 showed a movement of 1832 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 11814.1 may open a clean path towards 10690.5 and may take a way down to 9982.5. Should 13645.7 prove to be unreliable resistance, the BTCUSD may raise upwards 14353.7 and 15477.3 respectively. In H4 chart, if breakout of the Symmetrical wedge is to the downside then bearish expectation is favored. Also to be noted Spinning top formation exerts the expectation of downtrend for the pair.