Fundamental view:

Bitcoin has raised above $60000 this week after a fall on oct 27. Bitcoin price got a great help as the SEC began approving Bitcoin ETFs. But the hype seems to have got vanished after leaving BTC high and dry. Whereas MicroStrategy CEO, Michael Saylor took advantage of the recent dips in Q3 as the company accumulated nearly 9,000 BTC in this period. The same trend was seen with El Salvador, the country that made BTC a legal tender.

Moreover, The US regulators are reportedly exploring how the US banks could hold Bitcoin. Federal Deposit Insurance Corporation chairman Jelena McWilliams stated that US bank regulators are working on providing a roadmap for banks to hold crypto assets. Elsewhere, Immersive cooling technology may help with the transition to zero-emission Bitcoin (BTC) mining, Hass McCook, a member of the Bitcoin Mining Council (BMC), told Cointelegraph. Amidst all the catalysts favoring Bitcoin, it potrayed a bullish trend.

The major economic events deciding the movement of the pair in the next week are ISM Manufacturing PMI at Nov 01, ADP Nonfarm Employment Change, ISM Non-Manufacturing PMI, EIA Crude Oil Stocks Change, Fed Interest Rate Decision at Nov 03, Nonfarm Productivity quarterly report at Nov 04 and Nonfarm Payrolls at Nov 05 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 5.14% lower than the previous week. Maintaining high at 63704.4 and low at 57967.8 showed a movement of 5737 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 64524.7 may open a clean path towards 66982.8 and may take a way up to 70261.3. Should 58788.1 prove to be unreliable support, the BTCUSD may sink downwards 55509.6 and 53051.5 respectively. In H4 chart rounding bottom pattern favors prospects of a bullish trend. Bullish engulfing pattern further constructs a bullish outlook for the pair in the upcoming week.