Fundamental view:

Bitcoin hovered around $60k this week. This hovering indicates reduced volatility and might be an indication of the explosive move. Bitcoin  enjoyed a bullish outlook in October after the anticipation of the approval of an ETF. Given that the products approved by the SEC were futures and not spot, the BTC community was happy with this move. A similar major development on a similar front is the entry of Grayscale Investments and its spot ETF filing. The Securities & Exchange Commission (SEC) has noticed the filing from the investment company on November 2 and has 40 days to provide its decision on the matter.

Grayscale will be converting its Grayscale Bitcoin (GBTC) product into a first of its kind – spot Bitcoin ETF. This also seem to favor Bitcoin, investors seem to have moved on to a different space in the cryptocurrency realm after social media giant Facebook announced its rebranding to Meta on October 28. This move from the company is an attempt to position itself as a leader in the “metaverse” industry. 

Whereas The U.S. House of Representatives voted to pass a bipartisan infrastructure bill that contains a controversial cryptocurrency tax reporting requirement.

The major economic events deciding the movement of the pair in the next week are Fed Chair Powell Speech at Nov 08, Initial Jobless Claims, EIA Crude Oil Stocks Change, Federal Budget Balance at Nov 10, JOLTS Job Openings and Michigan Consumer Sentiment at Nov 12 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 0.87% higher than the previous week. Maintaining high at 64259.2 and low at 59534.0 showed a movement of 4725 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 63673.2 may open a clean path towards 66328.8 and may take a way up to 68398.4. Should 58948.0 prove to be unreliable support, the BTCUSD may sink downwards to 56878.4 and 54222.8 respectively. In H4 chart, if breakout of the Symmetrical triangle is to the upside then we can expect a bullish trend. Also to be noted bullish harami formation raises our expectation of uptrend for the pair.