Fundamental view:

Bitcoin showed sluggish move against greenback in the previous week. A report by Deutsche Bank Research said that Bitcoin has become “too important to ignore” and may attract regulation by the end of 2021. Deutsche Bank analysts expect Bitcoin to reach a turning point in about “two or three years” when it will be clear whether Bitcoin will evolve into an asset class or not. In the short term, the report forecast Bitcoin to “remain ultra volatile.”

The 10-year Treasury note yield went as high as 1.74% on Friday, the highest since January 2020, after the Federal Reserve signaled Wednesday it would keep loose monetary policy for the foreseeable future. “If we continue to see the U.S. bond market questioning the Fed forward guidance, it could lead to more downside pressure in risk assets and start to weigh on bitcoin by extension,” Joel Kruger, cryptocurrency strategist. “We think this is a risk worth considering, especially with bitcoin already having moved so far and fast in 2021 thus far.”

The major economic events deciding the movement of the pair in the next week are Fed Chair Powell Speech at Mar 22, Fed Chair Powell Testimony at Mar 23, Core Durable Goods Orders monthly report at Mar 24, GDP quarterly report, Initial Jobless Claims at Mar 25, PCE Price Index at Mar 26 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 1.76% lower than the previous week. Maintaining high at 60658.5 and low at 53175.4 showed a movement of 7483 pips.

In the upcoming week we expect BTC/USD to show a bearish trend. The Instrument is trading above the 200 Simple Moving Average and the MACD trades to the downside. A solid breakout below 53837.0 may open a clean path towards 49764.6 and may take a way down to 46353.9. Should 61320.1 prove to be unreliable resistance, the BTCUSD may raise upwards 64730.8 and 68803.2 respectively. In H4 chart bearish bat pattern formation favors prospects of a bearish trend. Shooting star pattern constructs a bearish outlook for the pair in the upcoming week.