Fundamental view:

Bitcoin rallied in the past week. The year 2020 was perhaps the best for Bitcoin ever, not only because of the price action but also for the massive increase in institutional interest. Currently, Bitcoin market capitalization is $382 billion after the digital asset hit $20,700 for the first time ever. During 2020, Bitcoin has received support from many prominent payment platforms, most notably PayPal. Even some of the oldest Bitcoin haters out there have changed their stances about the digital asset in the past year as worldwide adoption seems practically inevitable at this point. 

The major economic events deciding the movement of the pair in the next week are JOLTS Job Openings at Jan 12, EIA Crude Oil Stocks Change, CPI monthly report at Jan 13, Initial Jobless Claims, Fed Chair Powell Speaks at Jan 14, and Retail Sales monthly report at Jan 15 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 17.26% higher than the previous week. Maintaining high at 41978.1 and low at 34731.5 showed a movement of 14097 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 45521.2 may open a clean path towards 50798.4 and may take a way up to 50798.4. Should 31423.7 prove to be unreliable support, the BTCUSD may sink downwards 22603.4 and 17326.2 respectively. In H4 chart symmetrical Triangle breakout favors prospects of a bullish trend. Bullish harami pattern constructs a bullish outlook for the pair in the upcoming week.