Fundamental view:

Bitcoin price shows considerable strength after springing from the recent crashes. Chicago Mercantile Exchange (CME) has  announced the launch of Micro Bitcoin Futures (MBT) on May 3, which could see a lot of interest from retail investors. According to the firm’s senior managing director, Sean Tully, the decision to launch this new financial product comes after the company netted $4.70 million in revenues from its offering of Bitcoin Futures contracts in the first quarter of 2021. Now CME expects that the MBT would appeal to a broader audience due to its relatively smaller lot sizing and fee structure.

Gaming-focused venture capital fund Bitkraft Ventures, with more than $400 million in assets under management, has tied up with crypto research firm Delphi Digital to invest in crypto-assets and related projects. The demand from institutions also seems to be picking up in Asia. To cater to this demand, Huobi Asset Management has launched four cryptocurrency-related tracker funds. Along with new entrants, the existing investors are also looking to add to their crypto holdings. MicroStrategy CEO Michael Saylor said in a press release on April 30 that the company “will continue to acquire and hold additional bitcoin as we seek to create additional value for shareholders.” All these catalysts are favoring the Bitcoin bull.

The major economic events deciding the movement of the pair in the next week are ISM Manufacturing PMI, Fed Chair Powell Speech at May 03, ADP Nonfarm Employment Change, ISM Non-Manufacturing PMI, EIA Crude Oil Stocks Change at May 05, Initial Jobless Claims at May 06, and Nonfarm Payrolls at May 07 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 1.56% higher than the previous week. Maintaining high at 58421.8 and low at 46872.2 showed a movement of 11549 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 62165.9 may open a clean path towards 66068.7 and may take a way up to 73715.5. Should 50616.3 prove to be unreliable support, the BTCUSD may sink downwards 42969.5 and 39066.7 respectively. In H4 chart W-Pattern breakout favors prospects of a bullish trend. Hammer pattern constructs a bullish outlook for the pair in the upcoming week.