Fundamental view:

Bitcoin fell in the beginning of the week later managed to tacked the strength of greenback. “The aggressive unwind of crowded positioning related to DeFi assets” could have contributed to the decline. However, other factors like whales taking profit, miners selling off their stashes, and a major South Korean exchange Bithumb reportedly being raided by police all might have applied selling pressure on Bitcoin.

Based on the increasing demand for Bitcoin as a potential hedge against inflation as well as the tone around BTC set by Wall Street giants like Paul Tudor Jones, Hirsch believes another major upsurge is a possibility: “Federal Reserve’s attempt to prop up the economy might fuel investors to look more closely at Bitcoin for a number of reasons, resulting in a positive uptick for the largest digital asset.”

The major economic events deciding the movement of the pair in the next week are Core Retail Sales monthly report, FOMC Economic Projections, Retail Sales monthly report at Sep 16, Unemployment Claims at Sep 17, Prelim UoM Consumer Sentiment, and CB Leading Index monthly report at Sep 18 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 13.05% lower than the previous week. Maintaining high at 10469.5 and low at 9813.0 showed a movement of 656 pips.

In the upcoming week we expect BTC/USD to show a bullish trend. The Instrument is trading below the 200 Simple Moving Average and the MACD trades to the upside. A solid breakout above 10592.7 may open a clean path towards 10859.4 and may take a way up to 11249.2. Should 9936.2 prove to be unreliable support, the BTCUSD may sink downwards 9546.4 and 9279.7 respectively. In H4 chart formation of inverse head and shoulders creates prospects of a bullish trend. Spinning top pattern constructs a bullish outlook for the pair in the upcoming week.