Fundamental view:

Bitcoin has rallied against greenback in the past week. Bitcoin price has been supported by corporations’ broadening interest to use it as an investment alternative such as Tesla, Microstrategy, and Square. The endorsement of prominent figures like Paul Tudor Jones, Stanley Druckenmiller, and Howard Marks has sparked institutional demand for BTC.

In a recent interview on the Thinking Crypto podcast, Hester Peirce, a commissioner at the United States Securities and Exchange Commission, said that Gary Gensler’s nomination to be the President of the SEC could lead to greater regulatory clarity being given to the crypto sector. If that happens, several institutional investors may jump in and purchase Bitcoin. Another possible instrument that may attract both institutions and retail investors is a Bitcoin ETF.

The major economic events deciding the movement of the pair in the next week are Retail Sales monthly report at Mar 16, EIA Crude Oil Stocks Change, Fed Interest Rate Decision at Mar 17, Philadelphia Fed Manufacturing Index and Initial Jobless Claims at Mar 18 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 9.47% higher than the previous week. Maintaining high at 58080.6 and low at 49224.2 showed a movement of 8856 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 59846.1 may open a clean path towards 63391.5 and may take a way up to 68702.4. Should 50989.8 prove to be unreliable support, the BTCUSD may sink downwards 45678.8 and 42133.4 respectively. In H4 chart Semi-W chart pattern formation favors prospects of a bullish trend. Bullish engulfing pattern constructs a bullish outlook for the pair in the upcoming week.