Fundamental view:

Bitcoin price is currently witnessing massive selling pressure. Tesla CEO Elon Musk’s involvement in Bitcoin has been an interesting development to track. His tweets on May 12 and May 19 worked as an important catalyst in accelerating the BTC price crash.

Regardless of this week being the state-owned Xinhua News Agency and China Central Television mentioned that the “general public has the freedom to participate in the trade at their own risks.” China’s stance on the cryptocurrency markets seems to remain indecisive while Google has overturned its March 2018 ban, which prevented people from running crypto-related ads.

The major economic events deciding the movement of the pair in the next week are JOLTS Job Openings at Jun 08, EIA Crude Oil Stocks Change at Jun 09, Core CPI monthly report, Initial Jobless Claims at Jun 10 and Michigan Consumer Sentiment at Jun11 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 3.59% lower than the previous week. Maintaining high at 39376.0 and low at 34077.8 showed a movement of 5299 pips.

In the upcoming week we expect BTC/USD to show a bearish trend. The Instrument is trading below the 200 Simple Moving Average and the MACD trades to the downside. A solid breakout below 34680.4 may open a clean path towards 31730.0 and may take a way down to 29382.2. Should 39978.7 prove to be unreliable resistance, the BTCUSD may raise upwards 42326.5 and 45276.9 respectively. In H4 chart symmetrical triangle breakout favors prospects of a bearish trend. Bearish harami pattern constructs a bearish outlook for the pair in the upcoming week.