Fundamental view:

Bitcoin fell against the greenback this week.  The dip saw Bitcoin’s price drop from above $52k to trade below the $45k region earlier this week. The reasons behind the US dollar support are concerns over the delta virus and the Fed officials plan on tapering the bond purchases.  But the Popular cryptocurrency analyst Michael van de Poppe revealed in his latest YouTube session that the cryptocurrency market is not in a bear trend.

On the other hand, Billionaire hedge fund manager Leon Cooperman says if you don’t understand Bitcoin, it means that you’re old. In an interview with CNBC, Cooperman, who is at the helm of Omega Advisors, went on to reveal that at 78 years old, he doesn’t get Bitcoin. As a result, his advice is to be “very careful” with the leading cryptocurrency and if you’re looking for a store-of-value (SOV) asset in an uncertain economy, go with gold.

The major economic events deciding the movement of the pair in the next week are Federal Budget Balance at Sep 13, EIA Crude Oil Stocks Change at Sep 15, Retail Sales monthly report, Initial Jobless Claims at Sep 16 and Michigan Consumer Sentiment at Sep 17 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 3.52% higher than the previous week. Maintaining high at 52836.0 and low at 42794.6 showed a movement of 10041 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 41089.4 may open a clean path towards 36921.3 and may take a way down to 31047.9. Should 51130.8 prove to be unreliable resistance, the BTCUSD may raise upwards 57004.2 and 61172.3 respectively. In H4 chart pennant pattern breakout favors prospects of a bearish trend. Bearish harami pattern constructs a bearish outlook for the pair in the upcoming week.