Fundamental view:

Bitcoin showed bullish trend this week. Widespread adoption of the big crypto underpins the bullish trend. One area where the Bitcoin adoption is expanding is municipal asset. Miami and its Mayor Francis Suarez are about to take  Bitcoin adoption to a new level by announcing that every citizen with a digital wallet will earn dividends in BTC.

Elsewhere, Bitwise is  optimistic on the approval of  spot Bitcoin ETF. Matt Hougan, the CIO at investment company, stated. BitWise dropped out of the Bitcoin futures ETF race as it continues to focus on a spot ETF.

As per a recent survey, 16% of Surveyed Americans are Crypto Investors or traders. “Shark Tank” star Kevin O’Leary’s said on a Reddit Talk session Thursday that his cryptocurrency holdings now make up 10% of his portfolio, “ At the beginning of the year, I was at 3% weighting,” he said. “The target was to get 7% by year-end. However, because of the appreciation of so many of the assets I have now, we’re almost at 10% today.”

The major economic events deciding the movement of the pair in the next week are Retail Sales monthly report, Fed Industrial Production monthly report at Nov 16, EIA Crude Oil Stocks Change at Nov 17, Initial Jobless Claims at Nov 18 and Fed Governor Waller Speech at Nov 19 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 6.86% higher than the previous week. Maintaining high at 68991.7 and low at 62289.7 showed a movement of 6702 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 downside. A solid breakout above 67804.8 may open a clean path towards 71749.2 and may take a way up to 74506.8. Should 61102.8 prove to be unreliable support, the BTCUSD may sink downwards 58345.2 and 54400.8 respectively. In H4 chart falling wedge pattern breakout favors prospects of a bullish trend. Hammer pattern constructs a bullish outlook for the pair in the upcoming week.