Fundamental view:

Bitcoin edged higher against the US dollar during the trading course of the week. Headlines of Russia- Ukraine crisis dominated the financial markets, but it did not show any peace talks progress. However, during the first half, Optimism over a probable truce between the wto helped the Bitcoin. Market sentiment was sour on Thursday  after officials from both sides reported no significant progress on the negotiations. US Secretary of State Antony Blinken said that Russia may be contemplating a chemical-weapons attack late Thursday. Traders also turned cautious, as US President Joe Biden met with his Chinese counterpart Xi Jinping on Friday to discuss Ukraine. Fed’s rate hike also weighed on the Bitcoin.

On the other hand, comments from some well-known celebrities favored the Bitcoin. The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has predicted the end of the U.S. dollar. Furthermore, he said that the Russian-Ukraine war has given rise to crypto as “a safer haven asset than government fake fiat money.” Meanwhile, Galaxy Digital CEO Mike Novogratz says bitcoin is a great alternative and a lifeline to people in countries with poor stewardship of the economy. He expects the price of the cryptocurrency to hit $500K. “We see an adoption cycle that accelerates… going viral everywhere,” he said.

The major economic events deciding the movement of the pair in the next week are Fed Chair Powell Speech at Mar 21, EIA Crude Oil Stocks Change at Mar 23, Core Durable Goods Orders monthly report, Initial Jobless Claims at Mar 24, Michigan Consumer Sentiment and Fed Governor Waller Speech at Mar 25 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 0.59% lower than the previous week. Maintaining high at 42317.5 and low at 37582.5 showed a movement of 4735 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 43558.4 may open a clean path towards 45305.4 and may take a way up to 48293.4. Should 38823.4 prove to be unreliable support, the BTCUSD may sink downwards 35835.4 and 34088.4 respectively.  In H4 chart cup and handle pattern formation favors prospects of a bullish trend. Bullish Harami pattern constructs a bullish outlook for the pair in the upcoming week.