Fundamental view:

Bitcoin fell against greenback in the last week. The U.S. Federal Reserve updated their inflation expectations for this year from 2.4% in March to 3.4% in their latest meeting that concluded on June 16. To tame inflation, the Fed plans to undertake two rate hikes before the end of 2023. Elsewhere Pantera Capital chief executive Dan Morehead said in the monthly newsletter published on June 14 that Bitcoin has been “this “cheap” relative to its trend 20.3% of the past 11 years.”

The major economic events deciding the movement of the pair in the next week are FOMC Member Williams Speech at Jun 21, Fed Chair Powell Testimony at Jun 22, Markit Manufacturing PMI, EIA Crude Oil Stocks Change at Jun 23, GDP quarterly report, Core Durable Goods Orders, Initial Jobless Claims at Jun 24 and Core PCE Price Index at Jun 25 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 4.94% higher than the previous week. Maintaining high at 41218.7 and low at 35089.8 showed a movement of 6178 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. A solid breakout below 33546.6 may open a clean path towards 31203.8 and may take a way down to 27367.7. Should 39725.5 prove to be unreliable resistance, the BTCUSD may raise upwards 43561.6 and 45904.4 respectively. In H4 chart rounding top pattern favors prospects of a bearish trend. Bearish harami pattern constructs a bearish outlook for the pair in the upcoming week.