Fundamental view:

Bitcoin fell in the last week initially due to the positive sentiment for the greenback but it made a bounce back at the end of the week. Investors on social media platform declared a “Merry Bitmas. Bitcoin continues to be one of the market’s coronavirus winners; with investors optimistic it will continue to soar and even pose a threat to safe havens like gold.

Bitcoin is still growing leaps and bounds setting new highs every few days in its current price discovery phase. After setting a new all-time high on Christmas, the flagship crypto did not stop there. During the Asian hours on December 26, bitcoin surged and briefly surpassed the $25K mark. Currently, the market sentiment around bitcoin remains highly positive although there are some worries put forward by analysts in the foreseeable future.

The major economic events deciding the movement of the pair in the next week are Dallas Fed Manufacturing Index at Dec 28, S&P/CS HPI Composite-20 y/y at Dec 29, Pending Home Sales monthly report, EIA Crude Oil Stocks Change at Dec 30, and Initial Jobless Claims at Dec 31 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 2.9% higher than the previous week. Maintaining high at 24980.1 and low at 21903.0 showed a movement of 3077 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 25759.3 may open a clean path towards 26908.3 and may take a way up to 28836.4. Should 22682.2 prove to be unreliable support, the BTCUSD may sink downwards 20754.1 and 19605.2 respectively. In H4 chart bullish gartley pattern favors prospects of a bullish trend. Bullish hammer pattern constructs a bullish outlook for the pair in the upcoming week.