Fundamental view:

Bitcoin traded high and erased some of its previous week’s losses against the greenback during this week. Financial Market was largely impacted with the Russia- Ukraine tension this week. President Joe Biden’s new executive order on cryptocurrency that was announced Wednesday saw Bitcoin’s price increase by 10%, before falling back. The order directed government agencies to coordinate on a strategy to regulate cryptocurrency, and experts say it could bring more stability to the crypto market in the long-term. Experts say Bitcoin has also seen extra volatility as a result of Russia’s invasion of Ukraine. With no end in sight, the war in Ukraine will likely continue to drive more volatility in the coming days.

Although volatility and recent slumping price impacts Bitcoin, many experts still say Bitcoin is on its way to passing the $100,000 mark, with varying opinions on exactly when that will happen. And a recent study by Deutsche Bank found that about a quarter of Bitcoin investors believe Bitcoin prices will be over $110,000 in five years.

The major economic events deciding the movement of the pair in the next week are NY Fed Empire State Manufacturing Index at Mar 15, Retail Sales monthly report, EIA Crude Oil Stocks Change, Fed Interest Rate Decision at Mar 16, Initial Jobless Claims, Fed Industrial Production yearly report at Mar 17, Fed Governor Bowman Speech at Mar 18 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 6.02% lower than the previous week. Maintaining high at 42566.3 and low at 37165.2 showed a movement of 5401 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. Should 36628.4 proves to be unreliable support then the pair may fall further to 34196.2 and 31227.3 respectively whereas a solid breakout above 42029.5 will open a clear path upward to 44998.4 and then will further raise up to 47430.6. In H4 chart bearish shark pattern favors prospects of a bearish trend. Shooting star pattern constructs a bearish outlook for the pair in the upcoming week.