Fundamental view:

Bitcoin showed an uptrend against the US dollar in the last week. Amidst the US dollar weakness supporting the big crypto, Bitcoin adoption also seems to be going well despite the May 19 crash or the choppy markets that followed it. Many countries are warming up to BTC in one way or another, which has given rise to two factions, the supporters and the ones that stay away from cryptocurrencies altogether.

Twitter supports the Bitcoin. Twitter’s latest beta update reportedly included a tipping feature that allows users to tip BTC. Dorsey confirmed the reports by agreeing that Twitter might use African partners for this purpose as a milestone for the future. Similarly, The Belarusian President, Alexander Lukashenko, has called on the government to mine BTC during a speech at the Petrikovsky mining and processing plant on August 27.

The major economic events deciding the movement of the pair in the next week are JOLTS Job Openings, FOMC Member Williams Speech at Sep 08, Initial Jobless Claims, EIA Crude Oil Stocks Change at Sep 09 and WASDE Report at Sep 10 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 1.05% higher than the previous week. Maintaining high at 51037.2 and low at 46512.5 showed a movement of 4524 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 51631.4 may open a clean path towards 53596.7 and may take a way up to 56156.1. Should 47106.7 prove to be unreliable support, the BTCUSD may sink downwards 44547.3 and 42582.0 respectively. In H4 chart symmetrical triangle breakout favors prospects of a bullish trend. Bullish engulfing pattern constructs a bullish outlook for the pair in the upcoming week.