Fundamental view:

Bitcoin has reversed all the gains from the previous week and retreated below $18,000 amid the deepest weekly decline since the end of August. Although the cryptocurrency ecosystem is currently characterized by unnecessary factions, as different projects claim superiority over another, statistics present a strong argument that there is room big enough for all of them to thrive.

It seems that the most recent Bitcoin sell-off could have been caused by miners selling large quantities of Bitcoin on exchanges. According to the blockchain data provider Cryptoquant,  BTC Miners’ Position Index reached the highest level in three months, meaning that they are cashing out on their assets. The same happened in September right before Bitcoin’s sharp sell-off from around $12,000 to $10,000.

The major economic events deciding the movement of the pair in the next week are Retail Sales monthly report, EIA Crude Oil Stocks Change, Fed Interest Rate Decision at Dec 16, Building Permits, and Initial Jobless Claims at Dec 17 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 2.43% lower than the previous week. Maintaining high at 19401.1 and low at 17548.5 showed a movement of 1852 pips.

In the upcoming week we expect BTC/USD to show a bearish trend. The Instrument is trading below the 100 Simple Moving Average and the MACD trades to the downside. A solid breakout below 17422.1 may open a clean path towards 16559.0 and may take a way down to 15569.5. Should 19274.7 prove to be unreliable resistance, the BTCUSD may raise upwards 20264.2 and 21127.3 respectively. In H4 chart semi-w chart pattern formation favors prospects of a bearish trend. Bearish engulfing pattern constructs a bearish outlook for the pair in the upcoming week.