Fundamental view:

The cryptocurrency market celebrates the New Year with new highs. Bitcoins jumped above $29,000 and set a new all-time high at $29,321 during the last week. Since that time, the pioneer digital asset has retreated to $28,800, though it is still 3.5% higher on a day-to-day basis. On a weekly basis, BTC gained over 23%.

The bullish rally was triggered on Wednesday, December 30, when the US President Donald Trump endorsed the second stimulus bill worth $900 billion. Many crypto twitter analysts believe the Americans will consider investing their stimulus checks in Bitcoin, the most profitable asset of 2020.

The major economic events deciding the movement of the pair in the next week are OPEC Meeting at Jan 04, ISM Manufacturing PMI at Jan 05, ADP Nonfarm Employment Change, EIA Crude Oil Stocks Change at Jan 06, Initial Jobless Claims, ISM Non-Manufacturing PMI at Jan 07, and Nonfarm Payrolls at Jan 08 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 4.23% higher than the previous week. Maintaining high at 29508.3 and low at 25810.6 showed a movement of 3698 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 30725.7 may open a clean path towards 31965.9 and may take a way up to 34423.4. Should 27028.0 prove to be unreliable support, the BTCUSD may sink downwards 24570.5 and 23330.3 respectively. In H4 chart Bullish flag pattern formation favors prospects of a bullish trend. Bullish spinning top pattern constructs a bullish outlook for the pair in the upcoming week.