Fundamental view:

Bitcoin fell in the last week but will show a positive trend in the coming week. Bitcoin seems to be getting a lot more attention from institutional investors than the retail sector. The quantitative easing policies being implemented worldwide to contain the impact of the pandemic could be one of the main reasons behind this development. It appears that some of the most prominent billionaires are using BTC as a hedging asset against inflation. Amongst these enterprise investors are the likes of Pual Tudor Jones, who compared buying Bitcoin to investing in tech stocks like Google and Apple in their early days. Mexican business magnate Ricardo Salinas Pliego also stated that 10% of his liquid portfolio is in BTC, confirming that the asset guards his wealth against erosion.

Despite the rising interest among big players, Bitcoin has yet to see the same spike in demand from retail investors. If this were to happen as it did back in late 2017, prices would likely shoot up towards new yearly highs and peak at $300,000, as explained by Citibank’s Managing Director, Tom Fitzpatrick. 

The major economic events deciding the movement of the pair in the next week are OPEC Meetings at Nov 30, ISM Manufacturing PMI, Fed Chair Powell Testimony at Dec 01, ADP Nonfarm Employment Change at Dec 02, ISM Non-Manufacturing PMI at Dec 03, and Nonfarm Payrolls at Dec 04 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 2.77% higher than the previous week. Maintaining high at 19476.2 and low at 16189.1 showed a movement of 3287 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 18982.3 may open a clean path towards 20872.8 and may take a way up to 22269.4. Should 15695.2 prove to be unreliable support, the BTCUSD may sink downwards 14298.6 and 12408.1 respectively. In H4 chart formation of a bullish shark pattern favors prospects of a bullish trend. Bullish hammer pattern constructs a bullish outlook for the pair in the upcoming week.