Fundamental view:

Bitcoin surged in the last week. Bitcoin has begun to consolidate above $13,000. Despite this bullish trend, most Bitcoin funding rates on leading futures exchanges currently are negative.

The major economic events deciding the movement of the pair in the next week are ISM Manufacturing PMI at Nov 02, ADP Nonfarm Employment Change, ISM Non-Manufacturing PMI, EIA Crude Oil Stocks Change at Nov 04, Fed Interest Rate Decision at Nov 05, and Nonfarm Payrolls at Nov 06 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 3.77% higher than the previous week. Maintaining high at 13845.6 and low at 12755.6 showed a movement of 1090 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 14073.0 may open a clean path towards 14504.3 and may take a way up to 15163.0. Should 12983.0 prove to be unreliable support, the BTC/USD may sink downwards 12324.3 and 11893.0 respectively. In H4 chart bullish gartley breakout favors prospects of a bullish trend. Three outside up candle formation constructs a bullish outlook for the pair in the upcoming week.