Fundamental view:

Bitcoin price has bounced against the greenback and formed a bull candle.  The past week has been quite volatile for the flagship cryptocurrency experiencing moves of up to 10%. In the past week, Microstrategy made several more investments in Bitcoin. The first happened on March 1 right after Bitcoin price touched the local bottom of $43,000. Microstrategy announced the purchase of around 328 Bitcoins for $15 million.

However, the company announced yet another purchase of $10 million worth of Bitcoin and stated that it holds more than 91,000 BTC in total, acquired for about $2.2 billion. Clearly, Bitcoin is receiving unprecedented interest from institutional investors. Arcane Research, a subsidiary of the Norwegian investment company Arcane Crypto has recently released a report on Bitcoin stating that the digital asset could serve as collateral in a trillion-dollar market.

Despite the massive 500% rally in the past year, British asset manager Ruffer believes Bitcoin will rise higher in the near future. Ruffer manages around $28 billion of investor money. Ruffer invested 3% of its assets into Bitcoin last year.

The major economic events deciding the movement of the pair in the next week are WASDE Report at Mar 09, CPI monthly report, EIA Crude Oil Stocks Change at Mar 10, JOLTS Job Openings, Initial Jobless Claims at Mar 11, and Michigan Consumer Sentiment at Mar 12 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 9.50% lower than the previous week. Maintaining high at 52580.8 and low at 44796.1 showed a movement of 7784 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 downside. A solid breakout above 52484.0 may open a clean path towards 56438.3 and may take a way up to 60295.7. Should 44672.2 prove to be unreliable support, the BTCUSD may sink downwards 40814.8 and 36860.5 respectively. In H4 chart Inverse head and shoulders pattern formation favors prospects of a bullish trend. Bullish engulfing pattern constructs a bullish outlook for the pair in the upcoming week.